Effective Date of CFTC Rule Delaying Phase VI Initial Margin Compliance Set for December 9
A CFTC final rule delaying the compliance date for "Phase Six" of the initial margin requirements was published in the Federal Register (see prior coverage). The delay affects non-prudentially regulated swap dealers and major swap participants with "smaller uncleared swap portfolios."
The final rule - which pushes back the compliance deadline to September 1, 2022 - goes into effect on December 9, 2020.
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The CFTC delayed the compliance date for "Phase Six" of the initial margin requirements from September 1, 2021 to September 1, 2022.
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In an open meeting, the CFTC approved three final rules: (i) one concerning position limits for derivatives, (ii) one extending the Phase VI compliance date of the margin requirements for uncleared swaps for swap dealers and major swap participants, and (iii) one exempting certain foreign intermediaries from the requirement to register as CPOs.
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The CFTC proposed changing the compliance date for "Phase Six" of initial margin requirements to September 1, 2022.
Commentary by Nihal Patel -
The CFTC voted to adopt an interim final rule to delay the implementation of "Phase Five" initial margin requirements for uncleared derivatives from September 1, 2020 to September 1, 2021.
Commentary by Nihal Patel -
A final rule amendment to extend the compliance phase-in schedule for initial margin requirements for uncleared swaps was published in the Federal Register.
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The Basel Committee on Bank Supervision and IOSCO deferred the final implementation phases of initial margin requirements for uncleared derivatives.
Commentary by Nihal Patel -
The CFTC Global Markets Advisory Committee considered subcommittee recommendations for improving the scoping and implementation of initial margin requirements for uncleared swaps.
Commentary by Nihal Patel -
The CFTC voted to extend the compliance phase-in schedule for initial margin requirements for uncleared swaps.
Commentary by Nihal Patel
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