Our final Binding Technical Standards and EMIR questions and answers implementing the Treasury’s reform to intragroup transactions, alongside changes to reduce burdens on counterparties.
On 21 October 2026, the Treasury published the Over-the-Counter Derivatives (Intragroup Transactions) Regulations 2026[3] (the final statutory instrument), providing a permanent, more streamlined exemption regime for intragroup transactions.
This Policy Statement contains our final Binding Technical Standards (BTS) and confirms the revocation of certain EMIR questions and answers (EMIR Q&As) on the intragroup regime, implementing the Treasury’s reform alongside additional changes to further reduce burdens on counterparties.
This Policy Statement should be read alongside the Treasury’s final statutory instrument to get a full picture of the updated intragroup regime.
The new intragroup regime comes into effect on 1 January 2027.
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 Temporary Intragroup Exemption Regime (TIGER).
We strongly encourage counterparties wishing to obtain new intragroup margin or clearing exemptions before 1 January 2027 to submit their notifications to us before 5 December, using the current notification process[4] outlined on our website. This ensures we can process the notification before the current regime expires.
Counterparties that currently intend to submit a notification between 5 and 31 December should contact us as soon as possible at [email protected]. We will discuss with them how best to address their circumstances in light of the transition to the new regime taking effect on 1 January.
All notifications received from 1 January onwards must be submitted under the new streamlined notification process, via Connect. Please see Chapter 5[2] for more details on what you need to do before and after 1 January.
From 5 December, we will update our Connect platform and UK EMIR[5] webpages to implement the streamlined notification process on 1 January.
The UK version of the European Market Infrastructure Regulation (UK EMIR) sets out requirements for counterparties who enter into derivative transactions.
Under UK EMIR, counterparties above the clearing threshold[6] must:
UK EMIR provides exemptions from the clearing obligation and margin requirements for intragroup transactions, provided the counterparties meet certain conditions.
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