On 3 November 2026, the FCA published Policy Statement 26/21 ‘‘Streamlining the UK EMIR Intragroup Regime’ (PS26/21).
Background
On 5 November 2026, HM Treasury published a draft statutory instrument for technical comment, which set out proposals to make the intragroup exemptions from the margin and clearing requirements currently enabled by the Temporary Intragroup Exemption Regime (TIGER) permanent. On the same day, the FCA published Consultation Paper 25/30: Streamlining the UK EMIR Intragroup Regime (CP25/30). In CP25/30 the FCA set out proposals to amend the UK European Market Infrastructure Regulation (UK EMIR) associated Binding Technical Standards (BTS) on the intragroup regime to support the changes being introduced by the draft statutory instrument. It also sought to streamline the intragroup regime. The deadline for comments on CP25/30 and the draft SI was 16 January 2026.
On 21 October 2026, the draft statutory instrument was finalised and published on legislation.gov.uk as The Over-the-Counter Derivatives (Intragroup Transactions) Regulations 2026. They will come into force on the day on which Part 5 of the Over-the-Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 are revoked under section 1(1) of, and Schedule 1 to, the Financial Services and Markets Act 2023.
Summary
In PS26/21 the FCA sets out its final BTS and confirms the revocation of certain EMIR Q&As on the Intragroup Regime, implementing HM Treasury’s reform alongside additional changes to further reduce burdens on counterparties. The FCA reports that it received largely positive feedback on CP25/30 and that it is implementing its proposals as consulted on with some additional consequential amendments to align with HM Treasury’s final statutory instrument.
Next steps
The new Intragroup Regime will be implemented on 1 January 2027.
The FCA states that all intragroup margin and clearing exemptions which applied immediately prior to this date will continue to have effect, provided the relevant conditions apply. This includes exemptions that were previously granted temporarily under the TIGER. Counterparties do not need to do anything in order to continue benefiting from existing exemptions.
The FCA strongly encourages counterparties wishing to obtain new intragroup margin or clearing exemptions before 1 January 2027 to submit notifications to it before 5 December 2026 using the current notification process, outlined on its website. This ensures the FCA can process the notification before the current regime expires.
The FCA adds that counterparties that currently intend to submit a notification between 5 December 2026 and 31 December 2026 should contact it as soon as possible at EMIR@fca.org.uk. The FCA will discuss with them how best to address their circumstances in light of the transition to the new regime taking effect on 1 January 2027.
The FCA states that all notifications received from 1 January 2027 onwards must be submitted under the new streamlined notification process. Chapter 5 of PS26/21 explains the operational changes the FCA are making to the notification process, including what counterparties need to do before and after 1 January 2027. From 5 December 2026, the FCA will update its Connect platform and UK EMIR webpages to implement the new streamlined notification process on 1 January 2027. Chapter 5 of PS26/21 contains further details
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