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 all other relevant conditions be met, UK counterparties transacting with group entities established in the UK, or a jurisdiction deemed equivalent under UK EMIR, may benefit from a permanent intragroup exemption. HM Treasury (HMT) brought the Temporary Intragroup Exemption Regime (TIGER) into legislation for UK counterparties transacting with group entities in third countries where no equivalence determination has been made by HMT.

TIGER allows for the continuation of intragroup clearing and margin exemptions obtained before the end of the Brexit transition period between UK counterparties and group entities in third countries where no equivalence determination has been made. It also allows UK counterparties to apply for new intragroup exemptions from the clearing obligation and margin requirements with group entities in third countries where no equivalence determination has been made. However, the exemptions continued or granted under TIGER only apply on a temporary basis. TIGER was originally set to expire in December 2023 although this was extended until 31 December 2026.

Draft SI

On 5 November 2025, HMT published a draft statutory instrument (SI) for technical comment, which set out proposals to make the intragroup exemptions from the margin and clearing requirements currently enabled by TIGER permanent. In particular, the draft SI

  • Removes the requirement for intragroup counterparties to be established in a third country that is equivalent under UK EMIR to benefit from permanent intragroup exemptions. This will enable counterparties to obtain and use intragroup exemptions with intragroup counterparties in third countries on a permanent basis, as long as certain conditions are met.
  • Moves from an application-based regime to a notification-based regime for exemptions with counterparties established in third countries. This will allow counterparties to use intragroup exemptions following the statutory notification period if the relevant conditions are met.
  • Aligns the intragroup exemption processes for clearing and margin exemptions by:
    • Reducing the notification period for margin exemptions from 3 months to 30 calendar days beginning on the day after the FCA receives the complete notification,
    • Removing the requirement for counterparties to publicly disclose their margin exemptions, and
    • Removing the requirement for UK counterparties to notify us before applying a clearing exemption to transactions with another UK counterparty.

CP25/30

In CP25/30 the FCA sets out proposals to amend the UK EMIR associated Binding Technical Standards (BTS) on the intragroup regime to support the changes being introduced by the draft SI. It also intends to streamline the intragroup regime. The relevant BTS are the UK version of Commission Delegated Regulation (EU) 2016/2251 (BTS 2016/2251) and the UK version of Commission Delegated Regulation (EU) No. 149/2013 (BTS 2013/149).

The FCA sets out proposals to reduce the detail and supporting documentation currently listed under Article 18 of BTS 2013/149 from the documentation required for a margin exemption. It also proposes to consolidate all provisions covering the intragroup regime for margin exemptions in BTS 2016/2251. This will delete Article 18 of BTS 2013/149 and reformulate these provisions into BTS 2016/2251, supporting implementation of the bilateral margin regime. The FCA proposes to delete Article 20 of BTS 2013/149 as a consequential amendment. The rest of the provisions in BTS 2013/149 which do not relate to intragroup exemptions will remain unchanged.

The FCA also sets out certain consequential amendments to align with the draft SI. These include:

  • Modifying the language and removing some provisions in BTS 2016/2251 to reflect HMT’s proposed change from an application-based to a notification-based intragroup regime.
  • Removing provisions in BTS 2016/2251 specifying that the outcome of margin exemptions should be communicated to counterparties within 3 months. Instead, counterparties will be able to use intragroup exemptions after the expiry of the 30-calendar day period beginning on the day after FCA receipt of a complete notification, provided that certain conditions are met.
  • Removing the requirement for firms to specify the category of intragroup transaction.
  • Updating legal cross-references to UK EMIR.
  • Deleting Article 20 of BTS 2013/149, which specifies the information on intragroup margin exemptions to be publicly disclosed, to align with HMT’s proposed removal of the public disclosure requirement for margin exemptions.

The FCA also proposes to issue guidance that sets out which of the UK EMIR Q&As on the intragroup regime will no longer form part of its supervisory expectations following HMT’s proposed changes.

Next steps

The deadline for comments on CP25/30 and the draft SI is 16 January 2026.

The FCA intends to publish a Policy Statement and final rules once the draft SI is finalised next year. The FCA intends for the new rules to come into force ahead of the expiration of the TIGER on 31 December 2026.