The Over the Counter Derivatives (Intragroup Transactions) Regulations 2026
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Change 1
4 Amendments to the intragroup transaction exemption in Article 4 of the EMIR Regulation
(1) Article 4 of the EMIR Regulation (clearing obligation) is amended as follows. (2) In paragraph 2— (a) for point (a), substitute— (a) to OTC derivative contracts between two counterparties established in the United Kingdom, where the transactions between the counterparties meet the conditions in Article 3. ; (b) for point (b), substitute— (b) to OTC derivative contracts between a counterparty established in the United Kingdom and a counterparty established in a third country, where— (i) the transactions between the counterparties meet the conditions in Article 3, (ii) the counterparty established in the United Kingdom notifies the FCA that the counterparties intend to use the exemption for those OTC derivative contracts, and (iii) the FCA does not object to the counterparties’ use of the exemption; (c) to OTC derivative contracts between two counterparties established in one or more third countries, where— (i) the transactions between the counterparties meet the conditions in Article 3, (ii) one of the counterparties notifies the FCA that the counterparties intend to use the exemption for those OTC derivative contracts, and (iii) the FCA does not object to the counterparties’ use of the exemption. . (3) After paragraph 2, insert— 2A. In the cases referred to in points (b) and (c) of paragraph 2, the counterparties may use the exemption upon— (a) the expiry of the 30 calendar day period beginning with the day after the day on which the FCA receives a notification which is complete in accordance with Article 20A of Regulation 149/2013, or (b) if the FCA confirms before the expiry of this period that it does not object to the counterparties’ use of the exemption, the day on which the notifying counterparty receives the FCA’s confirmation. . (4) After paragraph 6, insert— 7. The FCA may make technical standards specifying the procedures for the counterparties and the relevant competent authorities to be followed when using exemptions under paragraphs 2 and 2A. .
4 Amendments to the intragroup transaction exemption in Article 4 of the EMIR Regulation
(1) Article 4 of the EMIR Regulation (clearing obligation) is amended as follows. (2) In paragraph 2— (a) for point (a), substitute— (a) to OTC derivative contracts between two counterparties established in the United Kingdom, where the transactions between the counterparties meet the conditions in Article 3. ; (b) for point (b), substitute— (b) to OTC derivative contracts between a counterparty established in the United Kingdom and a counterparty established in a third country, where— (i) the transactions between the counterparties meet the conditions in Article 3, (ii) the counterparty established in the United Kingdom notifies the FCA that the counterparties intend to use the exemption for those OTC derivative contracts, and (iii) the FCA does not object to the counterparties’ use of the exemption; (c) to OTC derivative contracts between two counterparties established in one or more third countries, where— (i) the transactions between the counterparties meet the conditions in Article 3, (ii) one of the counterparties notifies the FCA that the counterparties intend to use the exemption for those OTC derivative contracts, and (iii) the FCA does not object to the counterparties’ use of the exemption. . (3) After paragraph 2, insert— 2A. In the cases referred to in points (b) and (c) of paragraph 2, the counterparties may use the exemption upon— (a) the expiry of the 30 calendar day period beginning with the day after the day on which the FCA receives a notification which is complete in accordance with Article 20A of Regulation 149/2013, or (b) if the FCA confirms before the expiry of this period that it does not object to the counterparties’ use of the exemption, the day on which the notifying counterparty receives the FCA’s confirmation. . (4) After paragraph 6, insert— 7. The FCA may make technical standards specifying the procedures for the counterparties and the relevant competent authorities to be followed when using exemptions under paragraphs 2 and 2A. .
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