On 12 December 2025, the Basel Committee on Banking Supervision (Basel Committee) and the International Organization of Securities Commissions (IOSCO) published a report that reviews the implementation of margin requirements for non-centrally cleared derivatives. The report concludes that the framework has been effectively implemented and finds no evidence of material issues.
On 12 December 2025, the National Audit Office (NAO) released a report which examined how the Bank of England (BoE) managed the Real-Time Gross Settlement (RTGS) renewal programme to achieve a new system resilient to future developments and risks.
Background
In 2016, the BoE established the RTGS renewal programme
On 5 November 2025, the Financial Conduct Authority (FCA) published Consultation Paper 25/30: Streamlining the UK EMIR Intragroup Regime (CP25/30).
Background
The UK European Market Infrastructure Regulation (UK EMIR) provides exemptions from the clearing obligation and margin requirements for intragroup transactions, as long as they meet certain conditions.
Should
On 9 October 2025, the Bank of England (BoE) issued a consultation paper setting out its proposed fees regime for financial market infrastructure (FMI) supervision 2025/26.
In the consultation paper the BoE has set out a table (Table A) which sets out the expected charge for each category of FMI. A
On 30 September 2025, the Financial Conduct Authority (FCA) published the latest issue of Market Watch, its newsletter on market conduct, transaction reporting issues and UK European Market Infrastructure Regulation (EMIR) reporting.
Background
Last September, the FCA and the Bank of England (BoE) made changes to the UK
On 17 September 2025, The Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2025 were made together with an explanatory memorandum.
The Regulations extend the temporary recognition regime for overseas central counterparties (CCPs) by 12 months, so that the expiry date is delayed until 31 December 2027. It also extends the transitional regime
On 8 August 2025, the Financial Conduct Authority (FCA) issued its latest consultation on additional draft Q&As on the derivative reporting requirements under the UK European Markets Infrastructure Regulation (UK EMIR). The Bank of England (BoE) has also issued a consultation on the draft Q&As.
The draft Q&As cover
On 8 August 2025, the Bank of England (BoE) issued a Policy Statement ‘Amendments to the UK EMIR Trade Repository reporting requirements: August 2025’.
Background
The BoE and the Financial Conduct Authority (FCA) share supervisory responsibilities for the UK European Markets Infrastructure Regulation (UK EMIR) derivatives reporting obligation.
On 21 July 2025, the OTC Derivatives Risk Mitigation and Central Counterparties (Equivalence) (Switzerland) Regulations 2025 were laid before Parliament. An explanatory memorandum has also been published. These Regulations come into force on 1 January 2026 and set out HM Treasury’s determinations that Switzerland’s regulatory and supervisory regimes for risk mitigation for over-the-counter derivative contracts
On 18 July 2025, the Bank of England (BoE) published various papers concerning financial market infrastructure.
BoE Policy Statement ‘Fundamental Rules for Financial Market Infrastructures’
The BoE has published a Policy Statement setting out its Fundamental Rules for Financial Market Infrastructures. The final policy takes effect on 18 July 2026.
The Policy Statement