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    CFTC Approves Delay of Compliance Date for Initial Margin Requirements

    June 25, 2020

    CFTC approved a proposal to delay the compliance date of September 01, 2021 to September 01, 2022 for the initial margin requirements for smaller entities under the CFTC Margin Rule. The requirements in this proposal apply to uncleared swaps for swap dealers and major swap participants for which there is no prudential regulator. Comments on the proposal must be received on or before 60 days after the date of publication in the Federal Register.

    In April 2020, CFTC had published a final rule to extend the compliance date of September 01, 2020 to September 01, 2021, for a portion of what was to be the final phase consisting of entities with smaller average daily aggregate notional amounts of swaps and certain other financial products (Smaller Portfolio Group). The compliance date was extended to reduce the potential market disruption that could result from a large number of entities coming into the scope of compliance on September 01, 2020. Subsequently, in May 2020, to mitigate the operational challenges faced due to the COVID-19 pandemic, CFTC adopted an interim final rule that extended the September 01, 2020 compliance date for certain entities by one year to September 01, 2021. To avoid market disruption due to a large number of entities being required to comply by September 01, 2021 under the revised compliance schedule, CFTC had issued the current proposal to further delay the compliance date for the Smaller Portfolio Group from September 01, 2021 to September 01, 2022. 

     

    Comment Due Date: FR+60 Days

    Keywords: Americas, US, Banking, Securities, Swaps, Derivatives, Initial Margin, Compliance Date, CFTC

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