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United Kingdom
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Key definition
Debt definition

What does Debt mean? Debt, in pensions practice, is the sum an employer must pay to an occupational defined benefit pension scheme to meet any funding shortfall when the employer ceases to participate or the scheme winds up. In England & Wales and Scotland, this employer debt (commonly the section 75 debt) is a statutory liability under section 75 of the Pensions Act 1995 and the Occupational Pension Schemes (Employer Debt) Regulations 2005. It is typically calculated on a buy-out basis (the estimated cost of securing members’ benefits with an insurer) and becomes immediately due to the trustees on a trigger such as...

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EU and UK debt capital markets, derivatives and securitisation: 2017 review and 2018 outlook—Prospectus Regulation, ILS, EMIR, STS, MiFID II position limits, MiFIR trading obligation, indirect clearing

Practice notes
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This annual overview surveys the standout shifts of 2017 and flags what lies ahead for 2018. It covers:

  • Prospectus Regulation (EU) 2017/1129
  • the new UK regime for insurance linked securities
  • central clearing and compulsory margining for OTC Derivatives under EMIR (EU) 648/2012
  • the EU framework for simple, transparent and standardised (STS) securitisation
  • commodity derivatives position limits under MiFID II (2014/65/EU)
  • the trading obligation for specified OTC derivatives under MiFIR (EU) 600/2014
  • indirect clearing of OTC derivatives under EMIR and MiFIR

In 2018, derivatives practitioners will chiefly concentrate on the commencement of MiFID II and the roll-out of indirect clearing. The round-up also signposts updates to LexisNexis® content, highlighting notable developments from the last year and what to expect over the coming 12 months.

Reviewing 2017

Debt capital markets

What happened?

Regulation (EU) 2017/1129 (the Prospectus Regulation) appeared in the Official Journal of the European Union on 30 June 2017...

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Web page updated on 27/05/2026

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