Consultation opens
27/03/2025
27/03/2025
Consultation closes
27/06/2025
We are consulting on proposals to update the UK EMIR Binding Technical Standards (BTS) 2016/2251. This is a joint consultation with the Prudential Regulation Authority (PRA).
We are consulting on 3 proposals to introduce:
We want to understand the impact of our proposals on firms that engage in over-the-counter (OTC) derivatives.
The publication is relevant to PRA-authorised banks, building societies and PRA-designated investment firms in scope of the margin requirements under the European Market Infrastructure Regulation (UK EMIR).
It is also relevant to all FCA solo-regulated entities and non-financial counterparties in scope of the margin requirements under UK EMIR.
We welcome responses to this consultation by 27 June 2025.
If you’re a PRA-regulated firm, email comments or enquiries to: [email protected].
FCA-regulated firms should email [email protected].
Other respondents should submit responses to both authorities.
We plan to publish a Policy Statement and amended BTS in H2 2025.
Our proposed exemption for equity and index options would come into force when the current temporary exemption expires on 4 January 2026.
Under UK EMIR, firms are required to exchange initial and variation margin on non-centrally cleared OTC derivatives.
Single-stock equity options and index options are exempted from these requirements until 4 January 2026.
In July 2023, we consulted on extending the existing temporary exemptions from 4 January 2024 until 4 January 2026 so the PRA and FCA could undertake deeper analysis to develop a permanent UK framework for these products.