News & Analysis as of

Basel Committee on Banking Supervision (BCBS) Margin Requirements

Morgan Lewis

CFTC Delays Phase 5 Initial Margin Implementation Date

Morgan Lewis on

The US Commodity Futures Trading Commission has approved an interim final rule extending the Phase 5 initial margin compliance deadline for uncleared swaps by one year....more

Hogan Lovells

Collateral issues for derivatives counterparties amid the COVID-19 pandemic

Hogan Lovells on

The current COVID-19 pandemic has led to huge disruption in financial markets and larger collateral swings.  This note sets out some issues market participants may need to consider in relation to collateral under OTC...more

Morgan Lewis

Global Standard Setters Extend Deadlines for Uncleared Margin Requirements

Morgan Lewis on

To help address market participants in the face of the coronavirus (COVID-19) crisis, the Basel Committee on Banking Supervision and the International Organization of Securities Commissions have provided a one-year extension...more

Eversheds Sutherland (US) LLP

Coronavirus - Deferral of Phases 5 and 6 of initial margin requirements for uncleared OTC derivatives recommended by BCBS and...

On April 3, 2020, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) issued a statement recommending an extension to Phases 5 and 6 of the initial margin...more

A&O Shearman

Margin Requirements for Uncleared Derivatives Delayed for Certain Counterparties

A&O Shearman on

The target date at international level for regulators to introduce margin requirements for uncleared derivatives for counterparties with lower trading volumes has been extended for a year by the International Organization of...more

A&O Shearman

Basel Committee on Banking Supervision Announces Forthcoming Statements on Various Issues of Concern

A&O Shearman on

On February 27-28th, the Basel Committee on Banking Supervision met to discuss policy and supervisory issues, and the extent to which members had implemented post-financial crisis reforms....more

A&O Shearman

International Bodies Issue Statement on Margin Requirements for Uncleared Derivatives

A&O Shearman on

The Basel Committee on Banking Supervision and the International Organization of Securities Commissions have published a joint statement on the final implementation of the margin requirements for derivatives not cleared...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring Articles on Uncleared Swap Margin Rule, PACE Financing, Hart-Scott-Rodino and...

BROKER-DEALER - SEC Chairman Clayton and Trading and Markets Director Redfearn Call for a Reassessment of Regulation NMS - On March 8, US Securities and Exchange Commission chairman Jay Clayton and director, Division...more

Troutman Pepper

Documentation for the New Swap Margin Rules and Thoughts for the Buy Side and End Users

Troutman Pepper on

Because of the implementation of new regulatory requirements relating to both variation and initial margin for swaps, swap documentation for many market participants is about to become much more complicated....more

Eversheds Sutherland (US) LLP

The Deadline for Compliance With the U.S. Variation Margin Rules Is Approaching! Are You Ready?

The requirement that non-cleared swaps be fully margined, which is one of the last pillars of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), will take effect for “financial end-users”...more

Blake, Cassels & Graydon LLP

Thinking at the Margin: Canadian Provincial Regulators Issue Margin Proposals for Non-Cleared Derivatives

A parallel set of margin requirements is being proposed by the Canadian Securities Administrators’ (CSA) Derivatives Committee (Consultation Paper 95-401 – Margin and Collateral Requirements for Non-Centrally Cleared...more

Morrison & Foerster LLP

CFTC Issues Final Rules Regarding the Cross-Border Application of its Uncleared Swaps Margin Requirements - June 2016

On May 24, 2016, the Commodity Futures Trading Commission (“CFTC”) in a much anticipated action approved the issuance of final rules (“Final Rules”) regarding the cross-border application of its uncleared swaps margin...more

Blake, Cassels & Graydon LLP

Margin Requirements for Non-Centrally Cleared Derivatives Issued in Canada

The Office of the Superintendent of Financial Institutions (OSFI), Canada’s federal regulator of financial institutions, recently issued Guideline E-22 – Margin Requirements for Non-Centrally Cleared Derivatives? (Guideline)....more

Morrison & Foerster LLP

Final European Standards for Derivatives Collateralisation

On 8 March 2016, the three European Supervisory Authorities (ESAs) published their final draft regulatory technical standards in relation to the collateralisation of non-centrally cleared derivatives. The standards are to...more

Katten Muchin Rosenman LLP

Financial Regulators Adopt Final Margin Rules for Non-Cleared Swaps

On October 22, the US prudential regulators (the Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve, Comptroller of the Currency, Farm Credit Administration and Federal Housing Finance Agency)...more

Cadwalader, Wickersham & Taft LLP

Prudential Regulators Release Final Margin Rules for Swaps

On October 22, 2015, the Federal Deposit Insurance Corporation held an open meeting at which it voted to adopt: (i) final rules governing margin and capital requirements for uncleared swaps and (ii) an interim final rule to...more

McGuireWoods LLP

Financial Entity Update: The CFTC’s Proposed Margin Rules for Uncleared Swaps – Know Thyself

McGuireWoods LLP on

To clarify our intended audience, in the Financial Entity Update we will address issues germane to entities that trade swaps but are neither dealers nor commercial end users. This includes a broad and diverse group of...more

Katten Muchin Rosenman LLP

Global Regulators Push Back Margin Requirements for Non-cleared Derivatives

On March 18, the Basel Committee on Banking Supervision and the International Organization of Securities Commissions (IOSCO) published a “final” policy framework that establishes minimum global standards for margin...more

Latham & Watkins LLP

Swap Dealers Will Face Significant Challenges from Reproposed Margin Rules for Uncleared Swaps

Latham & Watkins LLP on

Dealers and major industry participants may be subject to new margin requirements beginning as early as December 1, 2015. Regulators are expected to finalize rules regarding margin requirements for uncleared swaps...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Derivatives in Review - October 2014

Prudential Regulators and CFTC Re-Propose Rules for Uncleared Swap Margin - Both the Commodity Futures Trading Commission and the prudential regulators re-proposed their April 2011 proposed rules imposing initial and...more

Eversheds Sutherland (US) LLP

Regulators Publish Re-proposed Margin Requirements for Uncleared Swaps

On September 3, 2014, the Board of Governors of the Federal Reserve System (the Board) jointly adopted, with certain federal banking regulators, re-proposed rules that will require registered swap dealers, security-based swap...more

Skadden, Arps, Slate, Meagher & Flom LLP

Prudential Regulators and CFTC Re-Propose Margin Requirements for Non-Cleared Swaps

Federal banking regulators (the Prudential Regulators) have re-proposed regulations to require certain dealers and major participants in the swap and security-based swap markets to collect initial and variation margin for...more

Katten Muchin Rosenman LLP

Global Regulators Adopt Final Margin Requirements for Uncleared Derivatives

On September 2, the Basel Committee on Banking Supervision of the Bank for International Settlements (BIS) and the Board of the International Organization of Securities Commissions (IOSCO) jointly published a document...more

Goodwin

Basel Committee and IOSCO Publish Policy Framework Establishing Minimum Standards for Margin Requirements for Non-Centrally...

Goodwin on

The Basel Committee on Banking Supervision (“BCBS”) and the International Organization of Securities Commissions (“IOSCO”) jointly issued a final policy framework (the “Policy Framework”) establishing minimum standards for...more

Goodwin

Basel Committee and IOSCO Publish Policy Framework Establishing Minimum Standards for Margin Requirements for Non-Centrally...

Goodwin on

The Basel Committee on Banking Supervision (“BCBS”) and the International Organization of Securities Commissions (“IOSCO”) jointly issued a final policy framework (the “Policy Framework”) establishing minimum standards for...more

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