CFTC Extends Initial Margin Compliance Deadline
According to a statement issued by CFTC Chair Heath Tarbert, the CFTC voted to adopt a rule amendment to extend the compliance phase-in schedule for initial margin requirements for uncleared swaps.
The final rule will extend the implementation period for firms with an average aggregate notional amount of in-scope derivatives over a measuring period between $8 billion and $50 billion from September 1, 2020 to September 1, 2021.
Commissioners Rostin Behnam, Brian Quintenz and Dan Berkovitz also issued statements in support of the rule adoption.
Commentary
Although the commissioners' statements refer to this rulemaking in the context of coronavirus, this is really business as usual - the adoption has been widely expected and is consistent with actions taken by a number of other regulators across the globe.