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Financial Markets Infrastructure: Further one-year extension of the central clearing exemption for pension funds

Banking and financial services

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Public consultation

ID: 1017

Lobbying Activity

3 responses

ISDA supports extending pension fund central clearing exemption

International Swaps and Derivatives Association, 28 Nov 2016

ISDA fully supports extending the transitional periods for pension schemes until August 2018. This extension provides extra time for central counterparties to develop technical solutions for non-cash collateral transfers.
This avoids forcing pension schemes to manage complex liquidity risks or sell significant assets.
Pensioner beneficiaries would face lower retirement income if funds are forced to hold cash.

Consultation response

The Investment Association, 28 Nov 2016

The Investment Association supports the proposal to extend the pension funds exemption from central clearing by a further year. As CCPs continue to demand only cash VM, the argument by which PSAs were originally exempted from the clearing obligation still stands. It is not in the interests of…

Consultation response

PensionsEurope, 22 Nov 2016

First and foremost, Pension Scheme Arrangements (PSAs, which in this document we use as a synonym of pension funds) need a stable financial system. PensionsEurope supports regulation which reinforces the stability of the financial system. PensionsEurope sees the benefits of EMIR, however it is…