CFTC Defers Compliance Date for Initial Margin by One Year
CFTC approved the interim final rule that defers the compliance date of September 01, 2020 for the initial margin requirements under the CFTC Margin Rule to September 01, 2021. The requirements in this rule apply to uncleared swaps for swap dealers and major swap participants for which there is no prudential regulator. The rule is intended to provide entities subject to the September 01, 2020 compliance date with additional time in light of COVID-19 outbreak. The rule is consistent with the recent revisions to the implementation schedule for margin requirements for non-centrally cleared derivatives by BCBS and IOSCO. The interim final rule will be effective when published in the Federal Register. Comments on the interim final rule are due 60 days after the date of publication in the Federal Register.
Comment Due Date: FR + 60 Days
Effective Date: FR Publication Date
Keywords: Americas, US, Banking, Swaps, Derivatives, Initial Margin, Compliance Date, COVID-19, CFTC
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