On 3 July 2018, the European Securities and Markets Authority (ESMA) published a statement on the clearing obligation for pension scheme arrangements (PSAs) as described in article 2 (10) of EMIR.
In its statement, ESMA explains that it is aware of the difficulties that PSAs will face during the timing gap between the expiry of the current EMIR clearing exemption on 16 August 2018 and the day on which EMIR Refit comes into force.
ESMA also set out its expectations that competent authorities would not prioritize supervisory actions in respect of the clearing obligation towards entities that are expected to be exempted again in a relatively short period of time and to generally apply their risk-based supervisory powers in their day-to-day enforcement of applicable legislation in a proportionate manner.
DNB and AFM support ESMAs statement. Accordingly, DNB and AFM will not require PSAs and their counterparties to start putting processes in place to clear derivatives for which they are currently exempt from clearing under EMIR during such timing gap.
This approach is subject to any further statements that may be issued by ESMA, DNB or AFM.
The AFM is committed to promoting fair and transparent financial markets.
As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.