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
IRD Trading in the US, EU and UK
This research note analyzes changes in interest rate derivatives (IRD) trading activity in the US, EU and UK from 2021 to 2024. It examines how central bank interest rate policies influenced IRD trading volumes and how the composition of IRD...
Response to ESMA on Clearing Threshold Regime
On June 16, ISDA responded to the European Securities and Markets Authority's (ESMA) consultation on the new clearing threshold (CT) regime. The new CT regime, based on uncleared positions, was introduced in the context of the European Market Infrastructure Regulation...
Response to EC on Integration of EU Capital Market
On June 10, ISDA submitted a response to the European Commission's (EC) consultation on the integration of EU capital markets. The consultation was launched as part of the EC's Savings and Investment Union project. In the response, ISDA addressed themes...
ISDA Launches Pre-adherence Period for Notices Hub
ISDA has begun a pre-adherence process for the ISDA Notices Hub, enabling firms to sign up to a free protocol that will allow them to use the new platform when it launches on July 15. Under the ISDA Master Agreement,...