On September 7, ISDA wrote to European authorities to highlight the risks posed to EU banks, investment firms and pension funds, as well as UK pension funds, by the fact that UK pension funds will cease to benefit from the exemption under the European Market Infrastructure Regulation (EMIR) clearing obligation for pension scheme arrangements following the end of the Brexit transition period on December 31, 2020. The letter sets out a number of proposed solutions that European authorities could adopt to mitigate the impact. This change in regulatory treatment will have cost and other implications for affected pension scheme arrangements, their counterparties and citizens whose retirement income depends on these investments.
Click on the attached PDF to read the letter in full.
Documents (1) for Letter on Post-Brexit Exemption for Pension Scheme Arrangements under EMIR
Latest
The ISDA Notices Hub: One Year On
In times of war, armed forces are often required to mobilize over large distances at short notice. The most dreaded response to the question of how they are to be transported is ‘by LPC’, meaning ‘leather personnel carrier’ – the...
ISDA Response to OSC Call for Feedback
On June 26, ISDA responded to the Ontario Securities Commission’s (OSC) consultation on facilitating access to its regulatory framework and reducing the burden for capital markets participants by publishing a machine-readable dataset of regulatory instruments. ISDA's comments are supportive of...
ISDA Comments on EP's MISP Draft Reports
On July 15, ISDA shared comments with policymakers in the European Union on the European Parliament’s (EP) draft reports by Member of the European Parliament (MEP) Markus Ferber and MEP Eero Heinäluoma on the Market Integration and Supervision Package (MISP)....
Building Markets, Creating Opportunity
Deep and liquid derivatives markets are fundamental to the development of well-functioning financial markets and healthy economies. They support lending, investment and financial stability, creating the certainty needed for economic growth. But strong derivatives markets do not emerge by chance....