Future of the pension fund clearing exemption under UK EMIR

On 10 January 2025, HM Treasury (HMT) published the outcome to its November 2023 call for evidence on the pension fund clearing exemption under UK EMIR (see our previous article). In the outcome, HMT notes that:

• the majority of respondents supported the exemption and advocated for it to be made permanent;

• it has been decided that the exemption should be maintained for the longer-term; and

• the government will now take forward secondary legislation to ensure that the exemption does not expire on 18 June 2025 as currently scheduled and to remove any further time limit on the exemption (though the policy will be kept under review in coordination with the UK regulatory authorities).

If you would like to discuss any aspect of this with us, please do get in touch.