On 16 June 2022, the European Securities and Markets Authority (ESMA) published a public statement regarding the implementation of the clearing obligation for pension scheme arrangements.
The statement refers to the European Commission publishing on 9 June 2022 a Delegated Act exempting pension scheme arrangements from the clearing obligation until 18 June 2023. The statement provides that the Delegated Act may take some time and that the extension provided for by the Delegated Act will, most probably, not have entered into force by the end of the current temporary exemption, i.e. by 18 June 2022. With this in mind the statement states that from 19 June 2022 until the Delegated Act is approved, ESMA will expect Member State competent authorities not to prioritise their supervisory actions in relation to the clearing obligation for pension scheme arrangements and to generally apply their risk-based supervisory powers in their day-to-day supervision of applicable legislation in this area in a proportionate manner.