Reporting derivative transactions: pension scheme trustee obligations under EMIR

By Kate Richards and Sam Robinson

The European Market Infrastructure Regulation (EMIR) places reporting and risk mitigation requirements on pension scheme trustees entering into derivative contracts. It is important that trustees entering into relevant contracts understand their obligations and, where appropriate, ensure that responsibility for compliance is properly delegated to their fund managers.

The risk mitigation requirements apply only to ‘over-the-counter’ (OTC) derivatives. In our experience, pension scheme trustees are more likely to be involved in bespoke derivative contracts, which will generally be OTCs. Trustees therefore need to be aware of the requirements and include relevant provisions in fund management agreements with the responsibility for complying with EMIR being expressly delegated to the fund manager where appropriate. The key risk mitigation requirements at this stage are as follows…

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