FINRA updated interpretations that address (i) the margin rules applicable to control and restricted securities, and (ii) the consolidation of multiple margin accounts for a single customer.
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 CFTC voted unanimously to adopt amendments to the exception from clearing for swaps between affiliates, in effect codifying previously existing no-action relief.
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.
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.
The CFTC Global Markets Advisory Committee considered subcommittee recommendations for improving the scoping and implementation of initial margin requirements for uncleared swaps.
The SEC provided conditional relief from certain Exchange Act credit-arranging prohibitions to broker-dealers designated as agents for the Federal Reserve Board's Term Asset-Backed Securities Loan Facility.
The CFTC Divisions of Market Oversight, Swap Dealer and Intermediary Oversight, and Clearing and Risk warned regulated entities "to prepare for the possibility that certain contracts may continue to experience extreme market volatility, low liquidity and possibly negative pricing."
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.
In its 2019 annual margin survey, ISDA found that the initial margin collected for non-cleared derivatives trades by the 20 largest market participants rose by ten percent over the previous year.
A final rule amendment to extend the compliance phase-in schedule for initial margin requirements for uncleared swaps was published in the Federal Register.
Industry associations urged the Basel Committee on Bank Supervision and IOSCO to publicly recommend an extension of the implementation deadlines for the Phase 5 and Phase 6 initial margin requirements for uncleared derivatives.
CFTC Commissioner Dawn D. Stump named Wendy Yun as Chair of the newly launched Margin Requirements for Non-Cleared Swaps Subcommittee of the Global Markets Advisory Committee.
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 Futures Industry Association, the MFA, SIFMA and the Institute of International Bankers, and SIFMA AMG offered recommendations on the CFTC's proposed amendments to uncleared swap margin regulations.
The CFTC proposal to implement an alternative compliance framework for the inter-affiliate swaps clearing exemption was published in the Federal Register.
The CFTC Division of Swap Dealer and Intermediary Oversight granted relief to a limited purpose swap dealer from certain initial margin calculation requirements.
