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ARTICLE · 29 NOVEMBER 2023

HM Treasury Issues Call For Evidence On Pension Fund Clearing Exemption

Norton Rose Fulbright Hong Kong
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On November 13, 2023, HM Treasury issued a call for evidence on the exemption for pension funds from the UK EMIR clearing obligations.

United KingdomEmployment and HR
Lesley Browning
Lesley Browning
Shane O'Reilly
Shane O'Reilly

On November 13, 2023, HM Treasury issued a call for evidence on the exemption for pension funds from the UK EMIR clearing obligations.

As a reminder, under the European Market Infrastructure Regulation (EMIR), there are mandatory clearing obligations typically requiring cash collateral for certain over-the-counter derivative transactions. In recognition of the challenges these requirements caused for pension funds, an exemption provision was made. This exemption has been extended several times on a temporary basis since it was first introduced in 2012, with the latest exemption due to expire on June 18, 2025.

When the last exemption extension was announced, HM Treasury stated that it would review the exemption ahead of June 2025 to explore a longer-term policy approach.

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