"Harmonization" is a continuing buzzword for regulators when it comes to various derivatives regulatory matters. But despite all the talk, whether due to process, personnel or policy, regulators seem insistent on leaving (at least) a little bit of difference in their rules. It is true that the CFTC matches the prudential regulators when it comes to the compliance schedule for initial margin. However, in these proposals, the CFTC does not (i) formalize previously issued staff relief on thresholds or immaterial amendments to align with a recent prudential regulator proposal or (ii) provide for exceptions for "legacy" swaps relating to benchmark reform.
Further, while it's important to push for the EU to take a reasonable path on central clearing, as Commissioner Quintenz argues, it is not obvious how that goal will be achieved by his objection to the codification of existing relief, nor is it obvious why the CFTC needed to make a separate proposal to formalize this staff relief. There are literally hundreds of CFTC staff letters that regulated entities rely upon every day to run their businesses. One need not look far: the CFTC has - very recently and as noted above - issued (fairly complex) relief for other aspects of its margin rules.