The Pension Fund Clearing Obligation Exemption and Intragroup Transaction Transitional Clearing and Risk-Management Obligation Exemptions (Extension and Amendment) Regulations 2023
1Citation, commencement and extent
2Extension of the pension fund exemption to the clearing obligation provided for in Article 89 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
3Amendment to the Over-the-Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019
2023 No. 472
Financial Services

The Pension Fund Clearing Obligation Exemption and Intragroup Transaction Transitional Clearing and Risk-Management Obligation Exemptions (Extension and Amendment) Regulations 2023

Made
Laid before Parliament
Coming into force
The Treasury make these Regulations in exercise of the powers conferred by 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 repositories1 (“UK EMIR”) and by regulation 84(1) of the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 20192.

In accordance with the fourth subparagraph of Article 89(1) of Regulation (EU) 648/2012, the Treasury have concluded for the purposes of extending the exemption in the first subparagraph of Article 89(1) of that Regulation that no appropriate technical solution has been developed for the transfer by pension scheme arrangements and EEA pension scheme arrangements of cash and non-cash collateral as variation margins and that the adverse effect of centrally clearing derivative contracts on the retirement benefits of future pensioners remains.