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    JFSA Defers Final Two Phases of Margin Rules for OTC Derivatives

    June 25, 2020

    JFSA has finalized amendments to the "Cabinet Office Order on Financial Instruments Business." The amendments mainly defer the final two implementation phases of margin requirements for non-centrally cleared derivative transactions by one year. The aim of the deferral is to provide additional operational capacity for firms to respond to the immediate impact of COVID-19 crisis. This is in line with the deferred implementation phases of margin requirements for non-centrally cleared derivatives transactions announced by BCBS and IOSCO on April 03, 2020. The amendments have been enforced since June 25, 2020.

    Effective Date: June 25, 2020

    Keywords: Asia Pacific, Japan, Banking, Securities, OTC Derivatives, Implementation Timeline, COVID-19, Margin Requirements, Basel, BCBS, IOSCO, JFSA

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