EMIR, derivatives and pensions
Produced in partnership with Jason Brooks and Jason Harding of CMS
EMIR, derivatives and pensions

The following Pensions practice note Produced in partnership with Jason Brooks and Jason Harding of CMS provides comprehensive and up to date legal information covering:

  • EMIR, derivatives and pensions
  • The European Market Infrastructure Regulation (EMIR)
  • Main obligations under EMIR
  • Infringements
  • EMIR Refit
  • Pension scheme arrangements and EMIR
  • Clearing obligations
  • Temporary exemption for PSAs
  • Which PSAs are covered by the exemption?
  • Reason for exemption
  • More...

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: Brexit and IP completion day—the implications for pensions.

The European Market Infrastructure Regulation (EMIR)

EMIR introduced requirements to improve transparency and reduce risks associated with the derivatives market.

It applies to pension plans and common investment funds, although the various requirements contained in EMIR are being phased in over time.

EMIR entered into force on 16 August 2012, with the majority of provisions applying after the relevant technical standards entered into force. It was amended on 17 June 2019 through Regulation (EU) 2019/834 (known as EMIR Refit).

On 13 March 2019, the European Parliament, the Council of the EU and the Commission reached a political agreement on EMIR 2.2 (EU) 2019/2099, which further amends EMIR as regards the procedures and authorities involved for the authorisation of central counterparties (CCPs) and requirements for the recognition of third-country CCPs). EMIR 2.2 was signed on 23 October 2019 and published in the Official Journal on 12 December 2019. It came

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