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Federal Register: CFTC Proposes Extending Initial Margin "Phase Five" Implementation

A CFTC proposal to extend the implementation date of initial margin requirements for 2020 and 2021 was published in the Federal Register. Comments must be submitted by December 23, 2019.

As previously covered, the CFTC unanimously approved a proposal to extend the "Phase Five" implementation date of the swaps initial margin requirements for firms with an aggregate average notional amount of between $8 billion and $50 billion to September 1, 2021. The proposal follows a similar proposal by the U.S. prudential regulators, and each follows a BCBS-IOSCO statement (see here and here). The current proposal also would make technical corrections to other aspects of Regulation 23.161.

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