On 30 April 2024, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) published a joint consultation (FCA CP24/10 and Chapter 5 of the PRA’s Occasional Consultation Paper) on consequential amendments to BTS 2016/2251. The PRA and FCA state that the proposed amendments are necessary to reflect the expected changes to the UK version of the European Market Infrastructure Regulation (UK EMIR) that will be made in the Securitisation (Amendment) Regulations 2024.

The consultation is relevant to:

  • PRA-authorised banks, building societies and PRA-designated investment firms in scope of the margin requirements under UK EMIR.
  • All FCA solo-regulated entities and non-financial counterparties in scope of the margin requirements under UK EMIR. 

The deadline for responses to the consultation is 30 May 2024. Once they have considered the feedback received, the PRA and FCA propose to implement the changes in November 2024, subject to the changes to UK EMIR.