On Tuesday 20 December, the European Commission proposed extending by one year – from mid-August 2017 to mid-August 2018 – the exemption to the EMIR regulation (5648/2012) enjoyed by occupational pension schemes since 2012. The regulation requires investors to clear their transactions in derivative financial products traded over the counter (OTC derivatives) in central counterparties.
Had this derogation not been extended, pension funds would have been obliged to hold large quantities...