CFTC – Interim Final Rule – Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants

July 10, 2020 – The CFTC is adopting and invites comment on an interim final rule amending its margin requirements for uncleared swaps for swap dealers (“SDs”) and major swap participants (“MSPs”) for which there is no prudential regulator (“CFTC Margin Rule”).

The CFTC is revising the compliance schedule for the posting and collection of initial margin under the CFTC Margin Rule to defer the compliance date of September 1, 2020, to September 1, 2021 (“Interim Final Rule”).

Issuing the Interim Final Rule to address the operational challenges faced by certain entities subject to the CFTC Margin Rule as a result of the coronavirus disease 2019 (“COVID-19”) pandemic, consistent with the recent revision of the Basel Committee on Banking Supervision and Board of the International Organization of Securities Commissions (together, “BCBS/IOSCO”) implementation schedule for margin requirements for non-centrally-cleared derivatives.

Effective Date: This rule is effective July 10, 2020.
Comment Date: Comments must be received on or before September 8, 2020. Comments submitted by mail will be accepted as timely if they are postmarked on or before that date.

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