The European Securities and Markets Authority (ESMA) has backed the Danish financial regulator Finanstilsynet, saying three unnamed Danish pension schemes should be exempt from the obligation to centrally clear OTC derivatives contracts under the European Market Infrastructure Regulation (EMIR). In line with the process national regulators have to go through before they can grant exemptions from these rules to individual pension funds and providers, Finanstilsynet had written to ESMA for its opinion.ESMA has now written back to the Danish regulator saying that, in all three cases, exemptions are justified because of difficulties in meeting the variation-margin requirements.In each of the three letters, ESMA states: “The national competent authority is of the opinion that the entity type would encounter difficulties in meeting variation-margin requirements for centrally cleared transactions due to limited holdings of cash within the entity type, high cost (e.g. lower investment returns or transaction costs) and risk of inefficiencies as a result of converting assets into cash.” It said EIOPA shared this view.While some types of pension scheme are given automatic temporary exemptions from the central clearing obligation, others need to be authorised beforehand.In February, ESMA supported exemptions for 16 pension schemes in the UK.
Iraola: “It’s hard to believe that there have been six goals in this match“The coach of Mirandés, Andoni Iraola, acknowledges being satisfied with the point achieved in time of extension. He admits that he could not easily develop the game by bands: “It is hard to believe that there have been six goals in this match. There have been few scoring chances and you finish 3-3. We were not bad in the first half, but more has been played to what Cadiz wanted than what we wanted. The opposite has happened to us in the first leg, which was Cádiz who won in the last minutes. He knows the point well. “He acknowledges not being able to develop his football by band: “We are a team that is very good in transitions. We generate many occasions, but with Cádiz it is difficult. We have powerful bands but their sides have been very well defensively, both Iza and Pacha (Espino), so we have run out of Many occasions”.Finally he claimed that anything could happen during the meeting: “The game was not settled anywhere. Since there have not been many occasions for either team. When it seemed that the last goal of Cadiz was going to be the tip, our two goals have come.” The cadist technician describes the encounter as strange. “The game on our part without being very well, more or less controlled, but we have lacked one against one. In the back we have improved, without being fresh we have made three goals. I do not know what happened, every time we They arrived was goal. You have to try not to throw a goal. Two shots from outside the area and a foul shot. “He did not dislike the defensive part despite the result. “Defensively we have not been bad. If we when we have it and we are winning and you end up in your area it costs them more work. They have made us three goals and we have to analyze it to see if there is a way to correct it, it is difficult but we must do it “.Restlessness. “There are symptoms that there are things that we do not improve. It was important to win to give us some peace of mind. Four goals the Numancia and three the Mirandés, there will be people who see it normal, I do not, if you want to be up they can not mark you.”As for the locker room he said that the players had been found “Be quiet and with low heads. They are incredulous because they don’t know what happened.”