On 21 February 2019, HM Treasury published a web page providing guidance on the EMIR Pension Scheme Arrangements clearing exemption in the event of a no deal Brexit.

HM Treasury explains that it has previously confirmed in the explanatory memorandum to the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc, and Transitional Provision) (EU Exit) Regulations 2018 that, should the EMIR REFIT legislative proposals come into force before exit day in the event of a no deal Brexit, the EU temporary exemption for pension scheme arrangements would be brought into UK law under the EUWA 2018.

HM Treasury adds that if the EMIR REFIT legislative proposals are agreed by the EU within two years after exit day then it would domesticate the changes using draft legislation, the Financial Services (Implementation of Legislation) Bill. HM Treasury’s intention is that the exemption will apply to both UK and EEA pension scheme arrangements.