Commission confirms pension funds clearing exemption extension: The Commission has published a report into possible solutions for pension funds posting variation margin under centrally cleared trades. It also recommended (as expected) that the exemption for pension funds to clear be extended a further two years (until August 2017). The outcome of the report is that more work is needed to develop the solutions, but ultimately the Commission wants pension funds to use central clearing for their derivatives transactions. The report suggests several ways that might allow this, but none are straightforward and Jonathan Hill said it is sensible to take the time to develop a proportionate solution. (Source: Commission Confirms Pension Funds Clearing Exemption Extension)

Commission to consult on capital markets union: The Commission will publish a Green Paper on capital markets union on 18 February . (Source: Commission to Consult on Capital Markets Union)

Commission speaks on insurance distribution: Jonathan Hill has spoken on insurance distribution, and, in particular, the standards of transparency that the Insurance Distribution Directive (IDD) will introduce. He also looked at the practicalities of cross-border sales and use of insurance products. Finally he looked at the potential role insurers might play in the capital markets union once Solvency 2 is implemented. (Source: Commission Speaks on Insurance Distribution)

Commission adopts Own Funds RTS amendments: The Commission has adopted a Delegated Regulation amending the Regulatory Technical Standards (RTS) on own funds requirements for institutions. The newly adopted Delegated Regulation inserts new articles 7a to 7d dealing with distributions under Common Equity Tier 1 instruments. (Source: Own Funds Requirements for Institutions RTS Delegated Regulation)