argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: ESMA - EMIR - PSAs (Pension Scheme Arrangements)

On April 2^nd, 2020, the European Securities and Markets Authority (ESMA) has dealt with the difficulties concerning pension schemes by launching a public consultation on different issues concerning potential central clearing solutions Pension Scheme Arrangements (PSAs) under the European Market Infrastructure Regulation (EMIR), on the basis of ESMA’s First Report to the European Commission on the recent progress on the subject. This initiative expresses the ESMA’s intention to highlight the difficulties of PSAs in clearing their contracts and intends to study the rationale for the use of derivatives by PSAs while exploring the various solutions already provided for in order to ease PSAs path to centrally clear their over-the-counter trades. Specifically, ESMA intends to gain new data and a feedback on the following points: the structure of PSAs’ portfolios and the potential reduction of portfolios’ investment returns from increasing their cash holdings and the solutions still being explored, such as relying on other services of transformation of clearing members, a market-based repo solution.