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    APRA Issues Final Margin Rules for Non-Centrally Cleared Derivatives

    August 07, 2017

    APRA published CPS 226, the final revised Prudential Standard on margining and risk mitigation for non-centrally cleared derivatives. CPS 226 permits substituted compliance with respect to the margin requirements or provisions of certain foreign bodies. These foreign bodies are OSFI; EC; HKMA; JFSA; Japan’s Ministry of Economy, Trade, and Industry in Japan; Ministry of Agriculture, Forestry, and Fisheries in Japan; MAS; FINMA; and CFTC, Farm Credit Administration, FDIC, FHFA, FED, and OCC in the United States.

    APRA had received three submissions on the draft consultation on CPS 226, which was published in May, 2017. In this consultation, APRA had proposed amending CPS 226 to allow an APRA-regulated institution to substitute compliance with the margin requirements or provisions of a comparable foreign jurisdiction for the requirements in CPS 226. Respondents were broadly supportive of the proposals but sought clarity on a number of aspects, to which APRA has responded in its notification letter. The final CPS 226 will take effect on September 01, 2017.

     

    Related Links

    Letter to the Industry (PDF)

    Final CPS 226 (PDF)

    May 2017 Consultation

    Effective Date: September 01, 2017

    Keywords: Asia Pacific, Australia, Banking, Risk Mitigation, Margin Requirements, APRA

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