Authors: Pauline Ashall, Deepak Sitlani, Michael Voisin, Sarah Willis, Madeleine Wanner, Hannah Patterson Smith

PRA and FCA make changes to UK EMIR margin rules for uncleared derivatives

On 15 December 2022, the PRA and FCA published a joint policy statement providing feedback on the consultation carried out earlier in the year on amendments to the UK EMIR margin rules (BTS 2016/2251) (the UK EMIR margin rules). The statement also contains the PRA and FCA final policy, in the form of amendments to the UK EMIR margin rules. These amendments came into force on 15 December 2022.

The amendments provide:

1. In relation to eligible collateral:

• an extension to the transition period to allow continued use of EEA UCITS as eligible collateral until Friday 31 March 2023;