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The Pension Fund Clearing Obligation Exemption (Amendment) Regulations 2025

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2025, ISBN 9780348270341

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Regulations laid before Parliament under section 3(10) of the Financial Services and Markets Act 2023 (c. 29), for approval by resolution of each House of Parliament.

FINANCIAL SERVICES AND MARKETS

Made ***

Coming into force in accordance with regulation 1(2)

The Treasury make these Regulations in exercise of the powers conferred by section 3(1) of the Financial Services and Markets Act 2023f1.

A draft of these Regulations has been laid before and approved by a resolution of each House of Parliament in accordance with section 3(10) of the Financial Services and Markets Act 2023f2.

The Treasury have consulted the Financial Conduct Authority, the Prudential Regulation Authority and the Bank of England as required by section 3(6) of that Act.

Annotations to the whole text

Footnotes

f1

2023 c. 29.

f2

For the meaning of “the affirmative procedure”, see section 84(3) of the Financial Services and Markets Act 2023.

Contents

  1. 1Citation, commencement and extent
  2. 2Amendment of Regulation (EU) 648/2012
  3. Signature
  4. Explanatory note

1Citation, commencement and extent

(1)

These Regulations may be cited as the Pension Fund Clearing Obligation Exemption (Amendment) Regulations 2025.

(2)

These Regulations come into force on the day after the day on which they are made.

(3)

These Regulations extend to England and Wales, Scotland and Northern Ireland.

2Amendment of Regulation (EU) 648/2012

In Article 89 (transitional provisions) of Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositoriesf1, in paragraph 1—

(a)

in the first sub-paragraph, at the beginning, for “Until 18 June 2023, the” substitute “The”;

(b)

in the third sub-paragraph, omit “entered into by those entities during this period”;

(c)

omit the fourth sub-paragraph.

Signature

Name

Name

Two of the Lords Commissioners of His Majesty’s Treasury

Date

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the transitional provision in Article 89(1) of Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (“UK EMIR”) which exempt certain pension fund derivative contracts from the clearing obligation provided for in Article 4 of UK EMIR. They remove the time limit that previously applied to this exemption.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen. A de minimis impact assessment is available from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ and is published with the Explanatory Memorandum alongside this instrument at www.legislation.gov.uk.