On 10 June 2025, the Pension Fund Clearing Obligation Exemption (Amendment) Regulations 2025 were made together with an explanatory memorandum.
These Regulations come into force on 11 June 2025.
These Regulations relate to the temporary exemption which pension scheme arrangements, or ‘pension funds’, currently have from the obligation to clear certain derivative contracts through
On 11 June 2025, the European Commission adopted a Delegated Regulation amending Delegated Regulation (EU) No 876/2013 supplementing the European Market Infrastructure Regulation (EMIR) as regards changes to the functioning and management of colleges for central counterparties (CCPs).
The Delegated Regulation makes limited amendments to Commission Delegated Regulation (EU) No 876/2013
On 6 June 2025, the Bank of England (BoE) and the Financial Conduct Authority (FCA) jointly issued a consultation paper setting out minor changes to the UK European Markets Infrastructure Regulation (UK EMIR) reporting regime to make it work more smoothly.
Background
The BoE and the FCA share supervisory
On 26 May 2025, there was published in the Official Journal of the EU, a Corrigendum to Regulation (EU) 2024/2987 of the European Parliament and of the Council of 27 November 2024 amending Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 as regards measures to mitigate excessive exposures to third-country central counterparties and
On 20 May 2025, the European Parliament issued a press release stating that the Economic and Monetary Affairs Committee had adopted a report on the proposed Regulation to shorten the settlement cycle in the EU through an amendment to the Central Securities Depositories Regulation. The final text of the proposed Regulation will have to be
On 7 May 2025, the Council of the EU issued a press release stating that Member States’ representatives had approved its position on a European Commission proposal to shorten the settlement period for transactions in transferable securities. Among other things the Council amended the Commission’s proposal by exempting securities financing transactions from the settlement cycle
On 28 April 2025, the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions (CPMI-IOSCO) issued a report ‘Implementation monitoring of PFMI: Level 2 assessment report for the EU – PSs and CSDs / SSSs’. The report presents CPMI-IOSCO’s assessment of whether, and to what degree, the contents
On 25 April 2025, the Bank of England (BoE) published the key elements of its 2025 stress test of UK central counterparties (CCPs).
Testing
The 2025 CCP stress test will focus on assessing the resilience of UK CCPs to the default of two or more of its members during a severe
On 9 April 2025, the European Parliament published a draft report from the Committee on Economic and Monetary Affairs (ECON) on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union. Among other things the Rapporteur welcomes this