UK EMIR notifications and exemptions

If your firm has existing margin or clearing exemptions, you do not need to take any action.

All existing intragroup exemptions will remain valid, subject to the relevant conditions.

This includes all exemptions granted under the Temporary Intragroup Exemption Regime (TIGER), which were previously set to expire on 31 December 2026.  

Counterparties seeking new intragroup margin or clearing exemptions before 1 January 2027 are strongly encouraged to notify us before 5 December 2026, using the current exemption process.

If you submit your notification for a clearing or margin exemption before 5 December, we’ll tell you the outcome by 31 December.

Approved exemptions will remain valid from 1 January 2027, subject to the relevant conditions.

From 1 January 2027, counterparties will use the streamlined and simplified exemption process on our Connect platform.  

If you’re seeking an intragroup exemption from the margin requirements, you’ll need to notify us through Connect, instead of by email, from 1 January 2027.

If your firm hasn’t used Connect before, you’ll need to set up a user account and firm profile to notify us for intragroup exemptions.

Find out how to set up a user account and firm profile.

Under Article 89 of UK EMIR, certain pension scheme arrangements are exempted from the clearing obligation. This applies where the OTC derivative contracts reduce investment risks directly related to financial solvency, in an objectively measurable way. 

For detail, see article 89 of UK EMIR. 

Read a list of the types of pension scheme entities and arrangements granted an exemption from the clearing obligation.

Using a clearing exemption as a pension scheme 

Before relying on the exemption, you must: 

• self-assess against the approved types and criteria in UK EMIR 
• document your assessment 
• keep it available for us on request 
• review it on an ongoing basis.  

You must also notify your counterparties if: 

• a transaction is eligible for a clearing exemption  
• your exemption status changes 

Any intragroup transaction where at least one counterparty is a non-financial counterparty (or would be qualified as a non-financial counterparty if it were established in the UK) may be exempt from the reporting obligation as long as specific circumstances are met. 

Read more on the reporting obligation. 

Who qualifies for intragroup reporting exemptions  

The counterparties to a transaction may qualify for exemption from the reporting requirements, as long as: 

• Both parties are included in the same consolidation on a full basis. 
• Both counterparties are subject to appropriate centralised risk evaluation, measurement and control procedures. 
• The parent undertaking is not a financial counterparty. 

How to use the reporting exemption  

To benefit from this exemption, you must notify us and show you meet the conditions above.  

1. Login or register on our Connect system. 
2. Submit the reporting exemption notification form.  
3. If we do not tell you that we object, your exemption will be valid 3 months after you submit your notification. 
4. Once your exemption is valid, you should send reports with Action type “E = Error” for all open derivative contracts with the counterparties for which the exemption is valid.  

Find out how to register on Connect. 

Under UK EMIR, intragroup transactions may be exempt from the clearing obligation as long as certain conditions have been met. 

Read more about the clearing obligation.

Who qualifies for intragroup clearing exemptions  

If your firm is a UK counterparty and the other party is another entity belonging to your group, which is established in the UK or overseas, you may notify us for a clearing exemption.  

If the overseas group entity is established in a country where an equivalence determination has been granted, you may qualify for a permanent exemption. 

If the overseas group entity is established in a country where no equivalence determination has been granted, you may qualify for a temporary exemption. Nevertheless, from 1 January 2027, your exemption will become permanent, subject to the relevant conditions (please see the section on changes to exemptions above). 

See a list of countries granted equivalence determinations on GOV.UK.

How to use the clearing exemption 

To use the intragroup exemption from the clearing obligation, you must be registered on our Connect system to submit the notification.  

You'll need to include: 

• the name of your intragroup counterparty, its Legal Entity Identifier and the country where it's established
• a summary demonstrating that both counterparties are included in the same consolidation on a full basis, either in line with relevant accounting standards or through consolidated supervision, in line with UK EMIR article 3(3) 
• a summary explaining that both counterparties are subject to appropriate centralised risk evaluation, measurement and control procedures 

You do not need to re-notify us for existing intragroup exemptions when new products come into scope of the clearing obligation, as long as the conditions of your original exemption have not changed. 

Find out how to register on Connect. 

What happens next – the review process and timetable 

We have 30 calendar days to consider notifications for intragroup exemptions from the clearing obligation. Within this period, we’ll email you to confirm whether you can use the exemption. 

Under UK EMIR, intragroup transactions may be exempt from the margin requirement in respect of non-centrally cleared OTC derivative contracts as long as certain conditions have been met. (See article 11 of UK EMIR and the Technical Standards onshoring Commission Delegated regulation 2016/2551.) 

If you’re a UK counterparty, whether or not you need to notify us, depends on the other group entity.

How to notify us 

Complete the relevant form and email it to [email protected] along with the relevant supporting documentation, as detailed in the Margin IGT User Guide.  

We have 2 forms.  

1. Single pair: if your firm needs an exemption with just one other group entity.  
2. Multiple pairs: if your firm needs an exemption with multiple entities within your group and the details on risk management procedures are the same for all the entities within your application (see Section 1 of the form). 

Please note, you can submit a maximum of 20 intragroup pairs using the multiple pairs form. 

What happens next – the review process and timetable 

We have 3 months to consider any of the above margining exemption notifications. Within this period, we will email you to confirm whether you can use the exemption.