ESMA has issued a set of opinions addressed to FCA regarding the exemption of 16 UK pension schemes from the obligation to centrally clear over-the-counter derivative contracts under the European Market Infrastructure Regulation (EMIR). The opinions address the compliance of the arrangement type and the reasons why the exemptions are justified due to difficulties in meeting the variation margin requirements. In all cases, ESMA agrees the exemptions would be justified. When FCA has granted the exemptions, ESMA will publish the list of the types of entities/ arrangements that have been exempted. (Source: ESMA Opines on UK Pension Schemes Exemption from Clearing Obligation)