Publication
International Restructuring Newswire
Welcome to the Q3 2025 edition of the Norton Rose Fulbright International Restructuring Newswire.
Draft regulations laid preserving the pension fund exemption from clearing obligations for OTC derivatives
United Kingdom | Publication | March 2025
On March 17, 2025, draft regulations were laid before Parliament to ensure that the pension fund exemption from clearing obligations does not expire.
The draft Pension Fund Clearing Obligation Exemption (Amendment) Regulations 2025, reflect the Treasury’s response to its earlier call for evidence on the exemption for UK over-the-counter pension fund investments in derivatives from clearing obligations under the European Market Infrastructure Regulation (EMIR). The exemption was due to expire on June 18, 2025, but it will now be maintained in the long term in the light of "clear evidence" that its removal would have several negative effects.
The draft regulations will come into force on the day after they are approved in Parliament.
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