New legal obligations for trustees engaging in derivative contracts

3 November 2014: The Central Bank has been appointed as the competent authority under European Markets Infrastructure Regulation (EMIR) and has prepared FAQs on EMIR, which can be found (here).

EMIR introduced requirements aimed at improving the transparency of OTC derivatives markets and to reduce the risks associated with those markets.

Trustees of occupational pension schemes and trust retirement annuity contracts should familiarise themselves with EMIR and liaise with their investment managers as necessary.