On January 16, ISDA and UK Finance responded to both the consultation on streamlining the UK European Market Infrastructure Regulation (UK EMIR) intragroup regime by the Financial Conduct Authority’s (FCA) and the draft statutory instrument from His Majesty’s Treasury (HMT). ISDA is supportive of creating a more permanent, streamlined intragroup regime and, while welcoming the proposals, has recommended further simplifications.
Currently, the temporary intragroup exemption regime (TIGER) allows UK counterparties to apply for intragroup exemptions under UK EMIR when trading over-the-counter (OTC) derivatives with group entities in non-equivalent jurisdictions.
The proposals aim to create a permanent, more streamlined intragroup regime for UK EMIR and also include making intragroup exemptions currently enabled by TIGER permanent.
Documents (1) for ISDA and UK Finance Respond to FCA and HMT Consultations
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