A stable, well-functioning financial market for allA stable, well-functioning financial market for allESMA on the exemption for pension scheme arrangements from the clearing obligation
The European Securities and Markets Authority (Esma) published on 3 July 2018 a statement on the exemption for pension scheme arrangements (PSAs) from the clearing obligation. The objective of the statement is to avoid, to the extent possible, disruption after 17 August 2018 when the current exemption for PSAs from the clearing obligation expires.
A further extension of the temporary exemption for PSAs is currently being negotiated within the EU. Esma indicates in its statement that it expects national competent authorities to not prioritise supervisory actions towards entities that are expected to be exempted from the clearing obligation again in a relatively short period of time.
