The Over the Counter Derivatives (Intragroup Transactions) Regulations 2026
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Change 1
5 Amendments to the intragroup transaction exemption in Article 11 of the EMIR Regulation
(1) Article 11 of the EMIR Regulation (risk-mitigation techniques for OTC derivative contracts not cleared by a CCP) is amended as follows. (2) In paragraph 5, before “practical” insert “material”. (3) After paragraph 5, insert— 5A. An intragroup transaction falling within Article 3(1), which is entered into by a counterparty established in the United Kingdom and a counterparty established in a third country, is exempt from the requirement in paragraph 3 of this Article where the counterparty established in the United Kingdom notifies the FCA that the counterparties intend to use the exemption for the intragroup transaction, provided that the following conditions are fulfilled— (a) there is no current or foreseen material practical or legal impediment to the prompt transfer of own funds or repayment of liabilities between the counterparties, and (b) the FCA does not object to the counterparties’ use of the exemption. 5B. An intragroup transaction falling within Article 3(1), which is entered into between two counterparties established in one or more third countries, is exempt from the requirement in paragraph 3 of this Article where one of the counterparties notifies the FCA that the counterparties intend to use the exemption for the intragroup transaction, provided that the following conditions are fulfilled— (a) there is no current or foreseen material practical or legal impediment to the prompt transfer of own funds or repayment of liabilities between the counterparties, and (b) the FCA does not object to the counterparties’ use of the exemption. 5C. In the cases referred to in paragraphs 5A and 5B, 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 32 of Regulation 2016/2251, 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) Omit paragraphs 8, 9 and 11. (5) In paragraph 14— (a) in point (c), for “paragraph 9;” substitute “paragraphs 5A and 5B”; (b) omit point (d). (6) In paragraph 16, for “paragraphs 8 and 9” substitute “paragraphs 5A and 5B”. (7) In paragraph 17— (a) for “paragraphs 5, 8 and 9” substitute “paragraphs 5, 5A and 5B; (b) before “practical” insert “material”.
5 Amendments to the intragroup transaction exemption in Article 11 of the EMIR Regulation
(1) Article 11 of the EMIR Regulation (risk-mitigation techniques for OTC derivative contracts not cleared by a CCP) is amended as follows. (2) In paragraph 5, before “practical” insert “material”. (3) After paragraph 5, insert— 5A. An intragroup transaction falling within Article 3(1), which is entered into by a counterparty established in the United Kingdom and a counterparty established in a third country, is exempt from the requirement in paragraph 3 of this Article where the counterparty established in the United Kingdom notifies the FCA that the counterparties intend to use the exemption for the intragroup transaction, provided that the following conditions are fulfilled— (a) there is no current or foreseen material practical or legal impediment to the prompt transfer of own funds or repayment of liabilities between the counterparties, and (b) the FCA does not object to the counterparties’ use of the exemption. 5B. An intragroup transaction falling within Article 3(1), which is entered into between two counterparties established in one or more third countries, is exempt from the requirement in paragraph 3 of this Article where one of the counterparties notifies the FCA that the counterparties intend to use the exemption for the intragroup transaction, provided that the following conditions are fulfilled— (a) there is no current or foreseen material practical or legal impediment to the prompt transfer of own funds or repayment of liabilities between the counterparties, and (b) the FCA does not object to the counterparties’ use of the exemption. 5C. In the cases referred to in paragraphs 5A and 5B, 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 32 of Regulation 2016/2251, 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) Omit paragraphs 8, 9 and 11. (5) In paragraph 14— (a) in point (c), for “paragraph 9;” substitute “paragraphs 5A and 5B”; (b) omit point (d). (6) In paragraph 16, for “paragraphs 8 and 9” substitute “paragraphs 5A and 5B”. (7) In paragraph 17— (a) for “paragraphs 5, 8 and 9” substitute “paragraphs 5, 5A and 5B; (b) before “practical” insert “material”.
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