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    OSFI Revises Guideline on Margin Requirements for Derivatives

    March 11, 2020

    OSFI revised Guideline E-22 that establishes minimum standards for margin requirements for non-centrally cleared derivative transactions undertaken by federally regulated financial institutions. The revised guideline becomes effective immediately. The guideline is in line with the BCBS-IOSCO framework and is addressed to banks, foreign bank branches, bank holding companies, trust and loan companies, life insurance companies, property and casualty insurance companies, and insurance holding companies.

    The revisions consist of two changes: a clarification on the treatment of securities issued by entities that receive capital support from the US government and the extension of the final implementation of the initial margin requirements by one year. The extension of the final implementation of the initial margin requirements is in line with the internationally agreed upon one-year extension. With this extension, the final implementation phase will take place on September 01, 2021. 

     

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    Effective Date: March 11, 2020

    Keywords: Americas, Canada, Banking, Insurance, Securities, Margin Requirements, Guideline E-22, Non-Centrally Cleared Derivatives, OTC Derivatives, Initial Margin, OSFI

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