The OCC, Federal Reserve Board, FDIC, Farm Credit Association, and Federal Housing Finance Agency jointly adopted an interim final rule to delay the compliance dates for initial margin requirements.
The FDIC adopted a series of amendments to its swap margin rules, including for LIBOR transition, inter-affiliate initial margin and the extension of compliance dates.
In a new staff report on the nexus between central counterparties and clearing member banks, the Bank for International Settlements emphasized the need for central banks to evaluate the two entity types collectively.
A CFTC final rule to exempt certain transactions with the European Stability Mechanism from uncleared swap margin requirements was published in the Federal Register.
The comment deadline for the U.S. prudential regulators' proposal to amend rules governing margin requirements for uncleared swaps and security-based swaps was extended.
The European Supervisory Authorities made final revisions to report on bilateral Margin Regulatory Technical Standards requirements in order to align with the Basel Committee and IOSCO international framework.
The House Financial Services Committee considered (i) testimony from federal banking regulators on a broad range of concerns and (ii) several proposed bills imposing additional requirements on financial institutions.
U.S. prudential regulators' proposed rule amendments governing margin requirements for uncleared swaps and security-based swaps were published in the Federal Register.
The Federal Reserve Board, Farm Credit Administration, Federal Housing Finance Agency and OCC proposed rule amendments governing margin requirements for uncleared swaps and security-based swaps.
A CFTC proposal amending uncleared swap margin regulations to exempt certain transactions from the European Stability Mechanism was published in the Federal Register.
The CFTC voted to propose amending its uncleared swap margin regulations to (i) extend the implementation date of initial margin requirements, and (ii) exempt certain transactions from uncleared margin requirements.
CFTC Division of Swap Dealer and Intermediary Oversight Director Joshua B. Sterling highlighted a number of regulatory issues for swap dealers being considered at the CFTC.
House Financial Services Committee Chair Maxine Waters and Senate Banking Committee Ranking Member Sherrod Brown expressed their "strong opposition" to "weakening" initial margin requirements for swaps between banks and their affiliates.
Seventeen House Democrats urged prudential regulators to ease initial margin requirements for inter-affiliate swap transactions by harmonizing with the CFTC and other major G20 regulators.
The Managed Funds Association asked U.S. prudential regulators to address the regulatory burden and "trading disruptions" caused by "Phase Five" of the implementation of swaps initial margin requirements.
The Basel Committee agreed to advance several ongoing policy and supervisory initiatives concerning, among other things, FinTech developments and excluding initial margin from the leverage ratio.
Trade associations urged U.S. regulators to provide guidance on implementing BCBS-IOSCO recommended exemptions from swaps margin requirements where the amounts to be transferred are below relevant thresholds.
ISDA summarized U.S. requirements for calculating the "average aggregate notional amount" for Phase Five initial margin between June 1, 2019 and August 31, 2019.
