Featured Product

    CFTC Deems Australian Uncleared Swap Margin Rule to be Comparable

    March 27, 2019

    CFTC unanimously approved a comparability determination and finds the margin requirements for uncleared swaps under the laws of Australia and the regulations of APRA comparable in outcome to those under the Commodity Exchange Act and CFTC regulations. CFTC has published, in Federal Register, its analysis and determination regarding a request by APRA. The request was for CFTC to determine that laws and regulations applicable in Australia provide a sufficient basis for an affirmative finding of comparability with respect to margin requirements for uncleared swaps applicable to certain swap dealers and major swap participants registered with CFTC. Additionally, CFTC published Statements of CFTC Chairman J. Christopher Giancarlo, Commissioner Brian Quintenz, and Commissioner Dan M. Berkovitz on the comparability determination for Australia.

    Substituted compliance describes the circumstances in which CFTC would permit swap dealers or major swap participants subject to the rules of a foreign jurisdiction, but whose swaps activities bring them within the scope of certain CFTC regulations, to use compliance with regulations in the foreign jurisdiction as a substitute for compliance with the relevant CFTC regulations. This approach builds on CFTC’s long-standing policy of recognizing comparable regulatory regimes based on international coordination and comity principles with respect to cross-border activities involving futures and options. In accordance with the CFTC policy framework described in its “Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants – Cross-Border Application,” which was announced on May 24, 2016, the comparability determination is part of substituted compliance with respect to CFTC regulations applicable to swaps activities outside the U.S. The approval of CFTC also reflects a collaborative effort with APRA and market participants from Australia. Working with APRA, CFTC can provide a comparability determination for all uncleared swap margin requirements.

     

    Related Link: Federal Register Notice

     

    Keywords: Americas, Asia Pacific, US, Australia, Banking, Securities, Comparability Determination, Margin Requirements, Uncleared Swaps, APRA, CFTC

    Related Articles
    News

    ESAs Publish Reporting Templates for Financial Conglomerates

    ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.

    January 18, 2021 WebPage Regulatory News
    News

    EBA Publishes Report on Asset Encumbrance of Banks in EU

    EBA published the annual report on asset encumbrance of banks in EU.

    January 18, 2021 WebPage Regulatory News
    News

    US Agencies Publish Updates for Call Reports, FFIEC 101, and FR Y-9C

    FED updated the reporting form and instructions for the FR Y-9C report on consolidated financial statements for holding companies.

    January 15, 2021 WebPage Regulatory News
    News

    EBA Proposes Guidelines for Establishing Intermediate Parent Entities

    EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.

    January 15, 2021 WebPage Regulatory News
    News

    EC Adopts Financial Reporting Changes Arising from Benchmark Reforms

    EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.

    January 14, 2021 WebPage Regulatory News
    News

    BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk

    BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.

    January 14, 2021 WebPage Regulatory News
    News

    HMT Updates List of Post-Brexit Equivalence Decisions in UK

    HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Issues Erratum for Technical Package on Reporting Framework 3.0

    EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.

    January 14, 2021 WebPage Regulatory News
    News

    APRA Publishes FAQ on Measurement of Credit Risk Weighted Assets

    APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.

    January 14, 2021 WebPage Regulatory News
    News

    ECB Letter Sets Out Strategies to Address Issue of Nonperforming Loans

    ECB published a letter from Andrea Enria, the Chair of the Supervisory Board of ECB, answering questions raised by the President of the Bundestag (the German federal parliament) on how ECB assesses the financial stability of the euro area in the context of the significant level of nonperforming loans.

    January 14, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6450