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04 July 2018

年金向けの情報サイトIPE:英FCA(金融行為監督機構)、年金基金のデリバティブ清算義務に関するESMA(欧州証券市場機構)のコミュニケーションを受け、年金基金にデリバティブの中央清算を求めないとの立場を表明


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Europe’s top financial regulator has suggested to national supervisors that they do not force pension funds to abide by derivative clearing rules when an exemption expires next month. ESMA told regulators to “not prioritise” enforcing the rules introduced as part of EMIR.


An extension of pension schemes’ temporary exemption from clearing rules – which would require them to hold cash against derivative positions – is under discussion as part of so-called “Refit” negotiations between the EU Council and the European Parliament.

However, it is too late for an agreement on this to enter into force by the time the current reprieve runs out in mid-August.

In a statement published, ESMA guided regulators “to not prioritise their supervisory actions towards entities that are expected to be exempted again in a relatively short period of time and to generally apply their risk-based supervisory powers in their day-to-day enforcement of applicable legislation in a proportionate manner”.

The UK’s Financial Conduct Authority (FCA) said it would not require pension schemes or their counterparties to start putting processes in place to clear derivatives in line with EMIR.

“This approach is subject to any further statements that may be issued by ESMA or the FCA,” the UK regulator added. “We, in any event, continue to recognise that the clearing of derivatives is a prudent risk management tool.”

Full article



© IPE International Publishers Ltd.


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