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The UK Football Governance Bill: Impact on ownership
The UK Football Governance Bill (the Bill), reintroduced by the current Labour government in 2024, marks a significant shift in the regulation of English football.
Clearing solutions for pension scheme arrangements under EMIR – temporary exemption to end
United Kingdom | Publication | January 2023
Pension scheme arrangements (PSAs) which operate using certain types of OTC derivatives will be aware that the temporary exemption for pension schemes under EMIR has been extended several times since 2012.
In February 2022, the European Securities and Markets Authority wrote to the Commission recommending that it end the exemption, on the basis it has concluded PSAs are largely operationally ready for central clearing. In June 2022, the exemption was extended for a final year and from June 19, 2023, PSAs will be required under EMIR to clear.
While HM Treasury has the power to let the exemption continue for a further two years, it is uncertain whether it will do so. Trustees of pension funds who trade in derivatives should therefore ensure they are speaking to their investment consultants and counterparty banks to ensure sufficient organisational competences and capacities to handle clearing of their derivative portfolios is in place from June 19, 2023.
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