ESMA provides market participants with guidance on the clearing obligation for trading with 3rd country Pension Schemes

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Summary:
The European Securities and Markets Authority (ESMA) has issued a public statement regarding the deprioritization of supervisory actions related to the clearing obligation for third-country pension scheme arrangements (TC PSA) pending the finalization of the review of EMIR. ESMA recommends that National Competent Authorities (NCAs) do not prioritize supervisory actions for derivative transactions with TC PSAs exempted from the clearing obligation under their third-country's national law. This decision aims to reduce challenges for market participants and encourages NCAs to apply risk-based supervisory powers in a proportionate manner.