Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants

Özet

The Commodity Futures Trading Commission ("Commission" or "CFTC") is seeking comment on a proposed amendment to the margin requirements for uncleared swaps for swap dealers ("SD") and major swap participants ("MSP") for which there is no prudential regulator (the "CFTC Margin Rule"). As adopted in January 2016, the CFTC Margin Rule, which mandates the collection and posting of variation margin and initial margin ("IM"), was to take effect under a phased compliance schedule extending from September 1, 2016, to September 1, 2020. On April 9, 2020, the Commission published in the Federal Register a final rule extending the September 1, 2020 compliance date by one year to September 1, 2021, for a portion of what was to be the final phase consisting of entities with smaller average daily aggregate notional amounts of swaps and certain other financial products (the "Smaller Portfolio Group") to reduce the potential market disruption that could result from a large number of entities coming into the scope of compliance on September 1, 2020 ("April 2020 Final Rule"). Subsequently, on May 28, 2020, to mitigate the operational challenges faced by certain entities subject to the CFTC Margin Ru