The FCA has updated its European Market Infrastructure Regulation (EMIR) notifications and exemptions webpage. The FCA has stated that it has started to accept applications for intragroup exemptions from margin requirements for non-cleared derivatives (Article 11 of EMIR and Commission Delegated Regulation 2016/2551).

The FCA has provided two types of application form:

• a single pair application form that should be used if the firm requires an exemption with just one other group entity; and
• a multiple pairs application form which can be used if the firm requires an exemption with multiple entities within its group, provided that the details required in section 1 (risk management procedures) are the same for all the entities within the application. A maximum of 20 intragroup pairs can be submitted within the multiple pairs application form.

The FCA has three months to consider the application.

The FCA web page also explains more about:

• the dispute resolution requirements under Article 11(14)(a) of EMIR and Article 15 of regulatory technical standard (RTS) 149/2013;
• calculating the clearing threshold for non-financial counterparties;
• timely confirmation requirements under Article 11(14)(a) of EMIR and Article 12 of RTS 149/2013;
• the exemption from the clearing obligation under EMIR for certain pension scheme arrangements; and
• intragroup exemptions from the clearing obligation under Article 3 of EMIR;

View FCA opens applications for intragroup exemption from EMIR margin requirements, 3 January 2017