CFTC Proposes Amendments To Swaps Margin Rules

The CFTC voted to propose amending its uncleared swap margin regulations to (i) extend the implementation date of initial margin requirements for 2020 and 2021 and (ii) exempt certain transactions with the European Stability Mechanism from uncleared margin requirements.

Initial Margin "Phase Five" Implementation

The CFTC unanimously approved a proposal to extend the "Phase Five" implementation date of the swaps initial margin requirements for firms with an aggregate average notional amount of between $8 billion and $50 billion to September 1, 2021. The proposal follows a similar proposal by the U.S. prudential regulators, and each follows a BCBS-IOSCO statement (see here and here). The current proposal also would make technical corrections to other aspects of Regulations 23.161.