There has been published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2017/610 of 20 December 2016 amending Regulation (EU) No 648/2012 of the European Parliament and of the Council as regards the extension of the transitional periods related to pension scheme arrangements.
The Delegated Regulation replaces the first subparagraph of Article 89(1) of the European Markets Infrastructure Regulation with the following:
“Until 16 August 2018, the clearing obligation set out in Article 4 shall not apply to OTC derivatives contracts that are objectively measurable as reducing investment risks directly relating to the financial solvency of pension scheme arrangements as defined in Article 2(10). The transitional period shall also apply to entities established for the purpose of providing compensation to members of pension scheme arrangements in the case of a default.”
The Delegated Regulation comes into force on the day following its publication in the OJ.