The Pension Fund Clearing Obligation Exemption (Amendment) Regulations 2025

Made: 10th June 2025

Coming into force: 11th June 2025

The Treasury make these Regulations in exercise of the powers conferred by section 3(1) of the Financial Services and Markets Act 2023[^f00001].

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 2023[^f00002].

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.

Citation, commencement and extent

1

• (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.

Amendment of Regulation (EU) 648/2012

2

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 repositories[^f00003], 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.

Signed

Anna Turley — Jeff Smith — Two of the Lords Commissioners of His Majesty’s Treasury — 10th June 2025

Explanatory note

(This note is not part of the Regulations)

Explanatory Note

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.

Footnotes

[^f00001]: 2023 c. 29.

[^f00002]: For the meaning of “the affirmative procedure”, see section 84(3) of the Financial Services and Markets Act 2023.

[^f00003]: EUR 2012/648, amended by EUR 2019/834 and S.I. 2019/1416. The exemption in the first sub-paragraph of Article 89(1) was extended by S.I. 2023/472 to 18th June 2025.