UK FCA consults on streamlining the UK EMIR intragroup regime

The UK Financial Conduct Authority (FCA) has published consultation paper CP25/30 on changes to its binding technical standards (BTS) on the intragroup exemption regime under the UK European Market Infrastructure Regulation (UK EMIR). The consultation should be read alongside HM Treasury's (HMT) draft statutory instrument (SI), published on the same day for technical comment, which sets out the proposed amendments to UK EMIR. This consultation summarises HMT's proposed legislative changes to the intragroup regime and sets out the FCA's proposals to implement these changes alongside additional changes to consolidate the regime and further reduce burdens on counterparties.

To support HMT's reforms, the FCA proposes to:

• Reduce documentation requirements for intragroup exemptions from the bilateral margin requirements (margin exemptions) to align the process more closely with intragroup exemptions from the clearing obligation, removing the need for counterparties to re-notify the FCA if they want to extend existing margin exemptions to new transactions.
• Consolidate intragroup requirements in BTS 2016/2251, which supplements Article 11(15) of UK EMIR, with requirements for the exchange of margin. Currently, some of the procedural requirements for intragroup margin exemptions sit in BTS 2016/2251 and BTS 2013/149.
• Make consequential amendments to BTS and supporting guidance in the EMIR Q&As to ensure alignment with UK EMIR.

The deadline for comments is 16 January 2026. The FCA intends to publish final rules once HMT's draft SI is finalised in 2026. The new rules are expected to come into force ahead of the UK's temporary intragroup exemption regime (TIGER) expiring on 31 December 2026.

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