On 15 July 2025, HM Treasury (HMT) published a Policy Note on updating the UK’s regulatory framework for central counterparties (CCPs). Alongside the Policy Note HMT has published two draft statutory instruments (SIs) for technical comment. The draft SIs, and the accompanying Policy Note, are intended to be considered alongside the Bank of England’s (BoE) new CCP rulebook which will be published for consultation shortly.
Draft SIs
HMT has published:
- The draft Central Counterparties (Amendment) Regulations 2025 (the CCP Regulations). These draft Regulations are intended to accompany the future legislation revoking the relevant CCP provisions within the UK European Market Infrastructure Regulation (UK EMIR) and restate elements of the UK EMIR framework where necessary.
- The draft Financial Services and Markets Act 2000 (Criteria for Determining Systemic Importance of Overseas Central Counterparties) Regulations 2025 (the Systemic Criteria Regulations) implement parts of the UK’s framework for overseas CCPs by setting out the criteria against which the BoE is to judge the systemic importance of an overseas CCP once relevant provisions of UK EMIR are revoked. These criteria have been designed to mirror the existing criteria set out in UK EMIR.
Policy Note
The Policy Note sets out further detail on both the CCP Regulations and Systemic Criteria Regulations for technical comment.
Next steps
The deadline for comments on the draft SIs is 18 November 2025.
The government then intends to lay the draft SIs in 2026, subject to Parliamentary time allowing.
HMT will co-ordinate with the BoE to ensure that, where relevant, the revocation and restatement of provisions within UK EMIR will be brought into force in conjunction with the bringing into force of the BoE’s new rules.