EC hardens stance on pension fund clearing exemption
The European Commission hardened its stance on a clearing exemption for pension funds on Thursday as the final version of a proposed piece of legislation reduced the potential scope of the grace period to five years.
A draft version of the European Market Infrastructure Regulation (EMIR) had proposed a longer exemption, GlobalCapital reported on Tuesday. It allowed for an immediate three year clearing exemption with scope for an additional six years, should “carefully assessed circumstances justify this”.The power to “extend the derogation twice” would come ...
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