Regulation of over-the-counter derivatives

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This overview is a guide to the Financial Services content within the Regulation of over-the-counter derivatives subtopic, with links to appropriate materials.

UK EMIR

The principal measure regulating the over-the-counter (OTC) derivatives markets in the UK is Assimilated Regulation (EU) 648/2012 (UK EMIR).

For information on UK EMIR, including recent developments, see Practice Notes:

  1. •

    UK EMIR—essentials

  2. •

    UK EMIR—one minute guide

  3. •

    UK EMIR—level 2 and level 3 measures, and

  4. •

    UK EMIR—timeline

Section 1(1) and Schedule 1 Part 1 to the Financial Services and Markets Act 2023 (FSMA 2023) provide for the revocation of UK EMIR with effect from a date or dates to be appointed

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Latest Financial Services News

OFSI updates General Licence INT/2024/5394840

The Office of Financial Sanctions Implementation (OFSI) has updated General Licence INT/2024/5394840, which permits relevant institutions to process payments made in 2022 from or via a designated credit or financial institution, provided that the original sender and original intended recipient are not designated persons. The updates: (1) extend the licence expiry date to 7 November 2027; (2) amend the definition of a designated credit or financial institution; and (3) amend the reporting conditions. Under the amended reporting requirements, relevant institutions must report to HM Treasury within 14 days of the end of each calendar month, providing details of any payments processed under the licence during that period. Reports must include the amounts processed, the names of the original sender and original intended recipient, account names at the final institution in the payment chain, the payment route used and the processing dates.

Financial Services—other developments (05/11/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

FCA extends deadline for responses to motor finance redress consultation

The Financial Conduct Authority (FCA) has announced an extension to the deadline for responses to its consultation paper CP25/27 on a proposed redress scheme for consumers affected by discretionary commission arrangements (DCA) in motor finance. The deadline for responses has been extended to 12 December 2025 to allow stakeholders more time to analyse extensive data and respond fully to the consultation. The FCA expects to publish final rules in February or March 2026.

FCA consults on proposals to streamline the UK EMIR Intragroup Regime

The Financial Conduct Authority (FCA) has published Consultation Paper CP25/30, seeking views on proposals to streamline the UK EMIR Intragroup Regime alongside HM Treasury’s proposed legislative changes to the Intragroup Regime set out in its draft SI, the Over the Counter Derivatives (Intragroup Transactions) Regulations 2026. CP25/30 sets out the FCA’s proposals to implement these changes alongside additional changes to consolidate the regime and reduce burdens on counterparties. Responses are requested by 16 January 2026. The FCA will publish a policy statement and final rules once the draft SI is finalised.

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