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Pension funds exempt from EMIR clearing for two more years

The European Commission (EC) has adopted an amendment to the European Market Infrastructure Regulation (EMIR), to exempt pension funds in Europe from mandatory clearing of derivatives trades for a further two years.

The deadline was due to come into effect this summer but has now been extended until 16 August 2017, giving the pensions industry more time to comply with the new EMIR trading rules. The announcement was made by the EC on 5 June. The European commissioner for financial services, Jonathan Hill, said this delay would provide “the certainty for which the industry was understandably looking.”

The aim of EMIR is to increase the stability of the over-the-counter (OTC) derivatives markets in the EU. It introduces requirements for clearing of eligible OTC derivatives through central counterparties, as well as additional reporting requirements.

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