ESMA urges nuance on pension fund clearing

The European Securities and Markets Authority (ESMA) has encouraged competent authorities to “not prioritise” penalising pension funds as the regulator prepares for a period where the institutions will not be granted an exemption from clearing their derivatives.

  • By Costas Mourselas
  • 03 Jul 2018

In a note on Tuesday, ESMA said it did not have the power to grant temporary exemptions from EU rules, as a clearing exemption for pension funds is set to expire on August 17.

New legislation that would extend the exemption, which has not been enacted yet, also includes ...

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