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PRA and FCA confirm approach to pre-approval of bilateral initial margin models

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Published on: 18 December 2023

Published by LNB News

LNB News 18/12/2023

Document Information

Issue Date: 18 December 2023

Published Date: 18 December 2023

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have published a joint policy statement (PS) providing feedback to responses to consultation paper CP13/23—Margin requirements for non-centrally cleared derivatives: Amendments to (BTS) 2016/2251. PRA PS18/23 contains the PRA’s and FCA’s final policy, in the form of amendments to binding technical standards (BTS) 2016/2251 extending the temporary exemptions for single-stock equity options and index options from the UK bilateral margining requirements until 4 January 2026. It also contains confirmation of the approach to pre-approval of bilateral initial margin models. The amendments to the BTS are effective from 18 December 2023, which is when the final technical standards instrument by the PRA and FCA comes into force.

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