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

Date: 12 September 2016

On 7th July 2016, the European Securities and Markets Authority (ESMA) issued an opinion  regarding the exemption of a Swedish pension scheme 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. 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 document published by ESMA contained an opinion on one pension scheme where Finansinspektionen was the competent authority for securities markets. After the exemptions are granted by Finansinspektionen, ESMA published the list of the types of entities/ arrangements that have been exempted.