Pension funds in limbo as EC leaves Emir exemption gap

Funds could be subject to CVA charge for period of weeks or months

European commission
EC's planned extension will leave funds unprotected for weeks

Pension funds in Europe find themselves in a weird, legislative grey area, after the European Commission (EC) extended a key exemption too late. The safe harbour may take effect in days or in months, and in the meantime dealers may be expected to start applying a new capital charge to trades with pension fund customers.

The EC suggests the charge should not be levied during this period - the European Court of Justice has allowed legislation to apply retrospectively in other cases "under certain

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