UK EMIR: Clearing threshold for commodities

On 29 May 2026, the FCA published Handbook Notice 141, confirming a significant change to the clearing threshold for the commodities asset class under UK EMIR. The threshold has been increased from EUR 3 billion to EUR 6 billion, exceeding the EUR 5 billion originally proposed in the FCA’s March 2026 consultation (CP26/8), and reflecting industry feedback (see our article on the consultation here).

The new threshold came into force on 29 May 2026, ahead of the June annual calculation period for most firms.

Implications for the buy-side:

• Updates to UK EMIR policies and procedures will be required.
• Asset managers will also want to think about their client questionnaires and the data they obtain from clients, whether in IMAs, rep letters or other onboarding forms.
• Any status changes at the next calculation would require the usual regulatory notifications and updates to derivatives counterparties (eg in UK EMIR static data and any UK EMIR classification representations / information).
• We recommend continuing to monitor for further developments as the FCA intends to revisit the clearing regime as part of its wider review of UK EMIR.
• For counterparties directly subject to EU EMIR, or those with derivatives relationships with EU EMIR counterparties, we also recommend continuing to prepare for the material upcoming changes to the EU EMIR clearing thresholds regime. Further information is available in our article here.

If you would like to discuss any of these changes further, please do not hesitate to contact us.