ESMA issues opinions on DK pension schemes to be exempt from central clearing under EMIR
The European Securities and Markets Authority (ESMA) has issued a set of opinions regarding the exemption of 3 DK pension schemes from the obligation to centrally clear OTC derivative contracts under the European Market Infrastructure Regulation (EMIR).
Pension scheme arrangements meeting certain criteria were granted a transitional exemption from the clearing obligation under EMIR. Pensions schemes have to ask their national competent authority to be exempted from the clearing obligation. Before deciding on an exemption, the relevant competent authority needs to obtain the opinion of ESMA which also needs to consult the European Insurance and Occupational Pensions Authority (EIOPA).
Today’s document published by ESMA contains opinions on 3 DK-based pension schemes where the Finanstilsynet is the competent authority for securities markets. After the exemptions are granted by the Finanstilsynet, ESMA will update the list of the types of entities/ arrangements that have been exempted.