The FCA has updated its webpage on EMIR notifications and exemptions to include a draft application form for the margin intragroup exemption.
The FCA explains that regulatory technical standards (RTS) on risk-mitigation techniques for over-the-counter (OTC) derivative contracts not cleared by a CCP under Article 11 of EMIR) will soon be finalised and come into force. The draft RTS detail requirements for firms to exchange margin on non-centrally cleared OTC derivatives. However, under EMIR there is an exemption from the requirement to exchange margin for intragroup transactions provided certain criteria have been met.
The draft form is intended only as a guide to the information firms will be expected to provide when applying for intra-group transaction margin exemptions. The final form is likely to be different, reflecting any refinements to FCA processes for reviewing applications and any changes which may be made to the margin RTS before they are adopted.
View Draft FCA application form for EMIR margin exemption, 18 May 2016