16 January 2017

ESMA issues opinions on Swedish pension schemes to be exempt from central clearing under EMIR

ESMA issued two opinions regarding the exemption of Swedish pension schemes from the obligation to centrally clear OTC derivative contracts under the European Market Infrastructure Regulation.

Pension scheme arrangements meeting certain criteria were granted a transitional exemption from the clearing obligation under EMIR. Some 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).

The documents published by ESMA contain two opinions on pension schemes where Finansinspektionen is the competent authority for securities markets. After the exemptions are granted by Finansinspektionen, ESMA will publish the list of the types of entities/ arrangements that have been exempted.

Opinion on the exemption from the clearing obligation of Swedish pension schemes - Notification Ref. 21

Opinion on the exemption from the clearing obligation of Swedish pension schemes - Notification Ref. 23

 

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