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ARTICLE · 20 JANUARY 2017

EMIR: Intra-Group Exemptions From Uncleared Margin Requirements – FCA Opens Application Process

Reed Smith (Worldwide)
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On 4 January 2017, the FCA opened its application process for the intra-group transaction ("IGT") exemption to the EU's new requirements to exchange margin for uncleared OTC derivative contracts . . .

United KingdomFinance and Banking
Chris Borg
Chris Borg
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Brett Hillis
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Joanna Williams
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Melissa Peters
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On 4 January 2017, the FCA opened its application process for the intra-group transaction ("IGT") exemption to the EU's new requirements to exchange margin for uncleared OTC derivative contracts (as set out in Commission Delegated Regulation 2016/2251, the "Margin RTS"). Firms must submit an application form attaching supporting documents.

This will require granular information on the relevant transaction types. It includes estimates of the anticipated size and type of trades, and requires various supporting documents (including historical trade data). All of this must be collated before an application is considered "complete": the FCA then has three months to consider it.

The variation margin ("VM") "big-bang" application date of 1 March 2017, may be on everyone's minds, but 4 July 2017, should be a close second for any financial counterparty ("FC") or non-financial counterparty above the EMIR clearing threshold ("NFC+") which conducts OTC derivative contracts

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