Recital 6

(6) On 25 January 2022, ESMA submitted its latest report on whether CCPs, clearing members and pension scheme arrangements have undertaken an appropriate effort and have developed viable technical solutions facilitating the participation of such arrangements in central clearing by posting cash and non-cash collateral as variation margins. While largely confirming its earlier findings detailed in previous reports to the Commission, ESMA in that report focussed on the operational readiness of pension scheme arrangements to clear OTC derivative contracts. Although a steadily growing number of pension scheme arrangements voluntarily clears OTC derivative contracts and liquidity conditions continue to evolve favourably, ESMA’s report also concluded that pension scheme arrangements and relevant market participants need sufficient time to finalise their clearing and collateral management arrangements. ESMA therefore expressed the view that an additional extension with one year of the transitional period laid down in Article 89(1) of Regulation (EU) No 648/2012 is needed.

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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.