PS24/13: Joint PRA and FCA Consequential Amendments to BTS 2016/2251

We set out finalised changes to the UK EMIR bilateral margin requirements with the Prudential Regulation Authority (PRA).

Read PS17/24 - Responses to CP6/24: OCP policy statement[1]

Why are we doing this

We’re making consequential amendments to the Binding Technical Standards (BTS) 2016/2251[2] jointly with the PRA.

The amendments are necessary to reflect the expected changes to the UK version of the European Market Infrastructure Regulation (UK EMIR) that will be made in the Securitisation (Amendment) Regulations 2024.

Who is this for

The publication is relevant to PRA-authorised banks, building societies and PRA-designated investment firms in scope of the margin requirements under 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.

Next steps

The amendments will come into force on 1 November 2024 to align with the changes to UK EMIR.

24/06/2024 : Information changed Consultation closed

First published: 31/10/2024 Last updated: 31/10/2024 See all updates