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ARTICLE · 28 JUNE 2022

Clearing For Pension Schemes

Matheson
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We wrote earlier this year on the temporary exemption from the EMIR central clearing obligation for entities operating pension scheme arrangements (PSAs) in relation to certain types of OTC derivatives.

IrelandFinance and Banking
Richard Kelly
Richard Kelly
Alan Bunbury
Alan Bunbury
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We wrote earlier this year on the temporary exemption from the EMIR central clearing obligation for entities operating pension scheme arrangements (PSAs) in relation to certain types of OTC derivatives. This exemption has been extended several times since 2012 and was due to expire on 18 June 2022. In February 2022, ESMA wrote to the European Commission recommending that it end the exemption, on the basis that PSAs are largely operationally ready.

On 9 June 2022, the Commission published its third report on clearing solutions for PSAs under EMIR. The report states that participants in the relevant expert group confirm that PSAs are largely ready to clear, but that the issue of access to cash remains.

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