Lobbying on Commission delegated act on the extension of the exemption from the clearing obligation for pension scheme arrangements

Commission delegated act on the extension of the exemption from the clearing obligation for pension scheme arrangements

Banking and financial services

Regulation 648/2012 provides for a temporary exemption from the central clearing obligation for pension scheme arrangements, considering the potential impact of this requirement on the retirement income of pensioners. According to the Regulation, the European Commission may extend the temporary exemption twice, each time by one year maximum, through a delegated act.

Links

Public consultation

ID: 12837

Lobbying Activity

3 responses

Derivatives Industry Backs Pension Fund Clearing Exemption Extension

International Swaps and Derivatives Association, 12 Apr 2021

The associations request extending the exemption until June 2022, arguing pension schemes need more time to develop solutions for cash margin requirements. They believe workable solutions are not yet available.

This gives their member institutions more time before pension clients face clearing requirements.

Financial stability loses as uncleared derivatives remain outside centralized risk management systems.

Consultation response

PensionsEurope, 13 Apr 2021

PensionsEurope thanks the EC for the opportunity to comment on the draft delegate providing 1-year extension of pension scheme arrangements (PSAs) exemption from clearing obligation. We welcome this delegated act, and we expect that another extension of a year will be still needed (i.e. until June…

Consultation response

ABN AMRO Clearing Bank N.V., 13 Apr 2021

(response also submitted as pfd) Response to the consultation on the delegated act extending the clearing exemption for pension scheme arrangements ABN AMRO Clearing Bank N.V. (AACB) welcomes the opportunity to comment on the proposed delegated act that extends the clearing exemption for pension…