On April 13, the European Securities and Markets Authority (ESMA) published a set of opinions (Opinions) in relation to the European Market Infrastructure Regulation (EMIR). The Opinions exempt three Danish-based pension schemes from the clearing obligations contained in EMIR and are addressed to Finanstilsynet, Denmark, the relevant competent authority for the pension schemes.

As noted in the Corporate & Financial Weekly Digest edition of February 5, under Article 89(2) of EMIR, a competent authority wishing to exempt a pension scheme from the clearing obligation under EMIR must first gain the approval of ESMA, which in turn consults with the European Insurance and Occupational Pensions Authority. ESMA maintains a list of the types of pension scheme arrangements that have been granted exemptions from EMIR clearing obligations.

ESMA’s list can be found here.

ESMA’s Opinions can be found here.

A copy of ESMA’s accompanying press release can be found here.