On 23 October 2026, there was published a statutory instrument (SI) The Over-the-Counter Derivatives (Intragroup Transactions) Regulations 2026 (the Regulations).
Background
The Regulations reform the UK framework for intragroup over-the-counter derivative transactions under the European Market Infrastructure Regulation (EMIR) as it forms part of UK assimilated law (UK EMIR).
HM Treasury consulted on the Regulations in November 2025 and a draft version was published in July 2026.
Summary
The Regulations replace the UK’s Temporary Intragroup Exemption Regime (TIGER) with a permanent framework by facilitating permanent exemptions from the clearing obligation and margin requirements for intragroup transactions between UK counterparties and overseas group entities, regardless of whether the overseas jurisdiction has been declared equivalent under Article 13 of UK EMIR.
The Regulations also streamline the process for firms to obtain and use these exemptions and includes a transitional provision to ensure that firms currently benefitting from exemptions granted under TIGER can continue to benefit from them when TIGER expires without the need to notify the Financial Conduct Authority, subject to certain conditions.
Next steps
The Regulations were made on 21 October 2026. They will come into force on the day on which Part 5 of the Over-the-Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 are revoked under section 1(1) of, and Schedule 1 to, the Financial Services and Markets Act 2023.