Recital 2

(2) Article 85(2), third subparagraph, of Regulation (EU) No 648/2012 empowers the Commission to extend the transitional period laid down in Article 89(1) of that Regulation twice, each time by one year, were the Commission to conclude that no viable technical solutions for the transfer by pension scheme arrangements of cash and non-cash collateral as variation margins have been developed and that the adverse effects on the retirement benefits of future pensioners due to centrally clearing derivative contracts have remained unchanged. For that purpose, Article 85(2), first subparagraph, of Regulation (EU) No 648/2012 requires the Commission to prepare yearly reports, until the final extension of the transitional period, to assess whether such viable technical solutions have been developed and whether any measures to facilitate those viable technical solutions need to be adopted.

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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.