On 27 March 2024, the European Securities and Markets Authority (ESMA) published a statement on deprioritising supervisory actions linked to the clearing obligation for third-country pension scheme arrangements (TC PSA), pending the finalisation of the review of the European Market Infrastructure Regulation (EMIR).  The Council of the EU and the European Parliament reached a provisional agreement on 7 February 2024. The political agreement on the EMIR 3 text provides for an exemption regime from the EMIR clearing obligation when the TC PSA is exempted from the clearing obligation under that third country’s national law.

During this period, and with respect to the challenges that market participants would face, ESMA expects Member State competent authorities (NCAs) not to prioritise supervisory actions in relation to the clearing obligation for derivative transactions conducted with TS PSAs exempted from the clearing obligation under their third-country’s national law. Additionally, ESMA recommends that NCAs apply their risk-based supervisory powers in their day-to-day enforcement of applicable legislation in this area in a proportionate manner.