Federal Register: CFTC Proposes Delay of "Phase Six" Initial Margin Requirements
A CFTC proposal to change the compliance date for "Phase Six" of initial margin requirements from September 1, 2021 to September 1, 2022 was published in the Federal Register. Comments on the proposal must be submitted by September 8, 2020.
As previously covered, the proposal follows an interim final rule in which the CFTC delayed "Phase Five" from September 1, 2020 to September 1, 2021. The added delay would affect entities with $8 billion to $50 billion in derivatives notional over the relevant measuring period. The CFTC indicated that the proposed delay is intended to align with a recent delay adopted as part of a Basel Committee on Banking Supervision-IOSCO revised framework for uncleared derivatives margins.