HKMA Revises Implementation Schedule for Initial Margin Rules

BCBS and IOSCO recently issued a joint statement on extending the final implementation of the initial margin requirements by one year. With this extension, the final implementation phase will commence on September 01, 2021, at which point covered entities with AANA of non-centrally cleared derivatives greater than EUR 8 billion will be subject to the initial margin requirements. To facilitate the extension, BCBS and IOSCO introduced an additional implementation phase whereby covered entities with an AANA of non-centrally cleared derivatives greater than EUR 50 billion will be subject to the initial margin requirements for the period from September 01, 2020 to August 31, 2021.

Keywords: Asia Pacific, Hong Kong, Banking, Securities, OTC Derivatives, Margin Requirements, AANA, Implementation Timeline, IOSCO, BCBS, HKMA