EU and Prudential Regulators Issue Statements on March 1 Compliance With Swap Margin Rules -

Lacking the ability to issue formal no-action relief from strict compliance with the variation margin rules for uncleared swaps coming into effect on March 1, the Board of Governors of the Federal Reserve System, the Office of Comptroller of the Currency (OCC) and the European Supervisory Authorities (ESA) have each issued statements suggesting that they will exercise some forbearance in enforcing the margin rules after March 1 if a swap dealer subject to their respective regulations is diligently pursuing compliance on that date...