Recital 1

Commission Delegated Regulation (EU) 2022/1671 of 9 June 2022 extending the transitional period referred to in Article 89(1), first subparagraph, of Regulation (EU) No 648/2012 of the European Parliament and of the Council (Text with EEA relevance) · European Union

(1) Article 89(1) of Regulation (EU) No 648/2012 provides that until 18 June 2021, the clearing obligation set out in Article 4 of that Regulation is not to apply to OTC derivative contracts that are objectively measurable as reducing investment risks directly relating to the financial solvency of pension scheme arrangements and to entities established for the purpose of providing compensation to members of pension scheme arrangements in case of default. That transitional period was introduced to allow for the development of viable technical solutions for the transfer by pension scheme arrangements of cash and non-cash collateral as variation margin, and thus to avoid any adverse effects on the retirement benefits of future pensioners that would be caused by an immediate application of the clearing obligation to such OTC derivative contracts.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-18 · Text as adopted (Official Journal); later amendments are not incorporated in this text.