ICI Joins Letter to US Prudential Regulators Supporting Deferral of Phase 5 and Phase 6 Compliance Dates for Margin Requirements for Non-Cleared Swaps
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August 27, 2020 TO: ICI MembersICI Global Members
Derivatives Markets Advisory Committee
ICI Global Regulated Funds Committee
ICI Global Trading & Markets Committee
Securities Operations Subcommittee SUBJECTS: Compliance
Derivatives
International/Global
Investment Advisers
Operations
Trading and Markets RE: ICI Joins Letter to US Prudential Regulators Supporting Deferral of Phase 5 and Phase 6 Compliance Dates for Margin Requirements for Non-Cleared Swaps
On August 26, ICI joined the International Swaps and Derivatives Association (ISDA) and other trade associations in submitting the attached letter to the US prudential regulators. The letter expresses appreciation and support for the interim final rule to defer the Phase 5 and Phase 6 compliance dates for initial margin requirements for non-cleared swaps for an additional year until September 1, 2021 and September 1, 2022, respectively.[1]
The letter also expresses support for the CFTC’s recent proposals to amend certain margin requirements and requests that the regulators align their margin rules with the CFTC, including coordinating on any future efforts to address recommendations issued by the CFTC Global Markets Advisory Committee’s Subcommittee on Margin Requirements for Non-Cleared Swaps in May.[2]
Nhan Nguyen
Counsel, Securities Regulation
endnotes
[1] See Margin and Capital Requirements for Covered Swap Entities, 85 FR 39464 (July 1, 2020), available at https://www.govinfo.gov/content/pkg/FR-2020-07-01/pdf/2020-14094.pdf.
[2] See ICI Memorandum No. 32690, available at https://www.ici.org/my_ici/memorandum/memo32690.