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On 27 March 2025, we published a joint FCA/PRA Consultation Paper (CP25/5) proposing amendments to the bilateral margin requirements under UK version of the European Market Infrastructure Regulation (UK EMIR).
We are proposing an indefinite exemption from the bilateral margin requirements for single stock equity options and index options to take effect from 4 January 2026.
We, and the PRA, have also taken the opportunity to consult on two additional proposals to address operational issues raised by industry, with the aim of making the regime more proportionate for our firms.
How to respond
We welcome responses to this consultation by 27 June 2025.
FCA-regulated firms should email cp25-5@fca.org.uk.
PRA-regulated firms should email CP5_25@bankofengland.co.uk.
Other respondents should submit responses to both authorities.
Enquiries
EMIR@fca.org.uk
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