Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Funds definition

What does Funds mean? In legal practice, funds describes pooled investment arrangements where assets are managed to a stated investment objective for the benefit of participating investors. The term is descriptive and used across multiple contexts; specific definitions and rules appear in legislation and regulation, including the Financial Services and Markets Act 2000 and the UCITS and AIFMD regimes (as implemented in the UK and Ireland). Typical features include: investors holding units or shares that represent a proportionate interest; pricing by reference to net asset value; assets held by an independent depositary or custodian separate from the manager; and operation under constitutional documents and...

UK EMIR: Counterparty classification and obligations for UCITS, AIFs and fund managers, including trade reporting, margin, risk mitigation and clearing

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Practice notes

UK EMIR—key Requirements

Assimilated Regulation (EU) 648/2012 (UK EMIR) is the main UK regime overseeing the over-the-counter (OTC) derivatives market. It centres on:

an obligation for specified counterparties to clear certain standardised OTC derivatives via a central counterparty (CCP)—see Practice Note: UK EMIR—essentials — Clearing obligation
an obligation to submit derivatives contracts to a trade repository (TR)—see Practice Note: UK EMIR—essentials — Trade reporting obligation
margin rules for non-centrally cleared OTC derivatives traded by certain counterparties—see Practice Note: UK EMIR—essentials — Margin requirements, and
further risk mitigation for uncleared transactions, covering prompt confirmation, portfolio reconciliation, portfolio compression and dispute resolution—see Practice Note: UK EMIR—essentials — Additional risk mitigation requirements

Who is the counterparty?

The obligations applying to fund counterparties or fund manager counterparties depend on their UK EMIR categorisation and the identity of their trading partner. Where a manager enters into a derivative on behalf of a fund it manages, UK EMIR treats the fund, rather than the manager, as the counterparty. This remains the case even if, as a contractual matter, the...

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Web page updated on 22/05/2026

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