The Pension Fund Clearing Obligation Exemption and Intragroup Transaction Transitional Clearing and Risk-Management Obligation Exemptions (Extension and Amendment) Regulations 2023

New regulations as regards central clearing obligations of pension schemes and central clearing obligations and margin requirements of intragroup firms were published on legislation.gov.uk, the official website of the UK government for publicizing legal documents. The new regulations – entitled the Pension Fund Clearing Obligation Exemption and Intragroup Transaction Transitional Clearing and Risk-Management Obligation Exemptions (Extension and Amendment) Regulations 2023 – modify two existing regulations, namely
(1) The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/335) and
(2) The Retained European Market Infrastructure Regulation (Retained Regulation (EU) No 648/2012),
to
– further exempt pension schemes from the central clearing obligations up to June 18, 2025 and
– further exempt intragroup transactions from margin and central clearing requirements for derivative contracts traded within a group where the group members are located in different countries and where contracts are established between a group member located in the UK and one in a third country. The exemption is thereby extended up to December 31, 2026.