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On January 25, 2017, ESMA published an Opinion on Spanish-based
pension schemes that are to be exempted from the clearing
obligation under EMIR. The Opinion was requested by Comisión
Nacional del Mercado de Valores (the Spanish Regulator responsible
for supervising and inspecting Spanish Stock Markets). Transitional
exemptions from the clearing obligation under EMIR can be granted
to pension scheme arrangements that meet certain criteria,
essentially, when over-the-counter derivatives contracts are
entered into and are used for hedging purposes. To obtain an
exemption, requests must be made by the pension scheme to a
national regulator and the national regulator must then seek an
Opinion from ESMA before making a final exemption decision. ESMA
must consult the European Insurance and Occupational Pensions
Authority before adopting an Opinion.
ESMA has adopted the Opinion on the basis that the Spanish
Regulator is of the view that Personal Pension Funds would
encounter difficulties in meeting variation margin requirements for
centrally-cleared transactions due to limited holdings of cash
within the entity (e.g. lower investment returns or transaction
costs) and the risk of inefficiencies as a result of converting
assets into cash.
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guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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