The Pension Fund Clearing Obligation Exemption and Intragroup Transaction Transitional Clearing and Risk-Management Obligation Exemptions (Extension and Amendment) Regulations 2023

• Citation: S.I. 2023/472
• Sections: 3

Section 1 Citation, commencement and extent

(1) These Regulations may be cited as the Pension Fund Clearing Obligation Exemption and Intragroup Transaction Transitional Clearing and Risk-Management Obligation Exemptions (Extension and Amendment) Regulations 2023.

(2) These Regulations come into force on 12th June 2023.

(3) These Regulations extend to England and Wales, Scotland and Northern Ireland.

Section 2 Extension of the pension fund exemption to the clearing obligation provided for in Article 89 of Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories

In Article 89(1) (transitional provisions) of Regulation (EU) 648/2012, the exemption in the first subparagraph is extended by two years so that it ends on 18th June 2025.

Section 3 Amendment to the Over-the-Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019

(1) The Over-the-Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 are amended as follows.

(2) In regulation 81, for paragraphs (1)(b) and (2)(b) substitute—

(b) in respect of any third country in which a non-UK counterparty is established, 31st December 2026.

(3) In regulation 83, for paragraphs (1)(b) and (2)(b) substitute—

(b) in respect of any third country in which a non-UK counterparty is established, 31st December 2026.