Commodity Futures Trading Commission April 9, 2020 – Federal Register Recent Federal Regulation Documents

The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting amendments to the margin requirements for uncleared swaps for swap dealers (``SD'') and major swap participants (``MSP'') for which there is no prudential regulator (the ``CFTC Margin Rule''). Specifically, the Commission is adopting an amendment, along with certain conforming, technical changes, to extend the compliance schedule for the posting and collection of initial margin (``IM'') under the CFTC Margin Rule to September 1, 2021, for entities with smaller average daily aggregate notional amounts of swaps and certain other financial products (``Final Rule''). The compliance schedule currently extends from September 1, 2016 to September 1, 2020. The revised compliance schedule mitigates the potential of a market disruption, which could be triggered by the large number of entities that would come into the scope of the IM requirements at the end of the current compliance schedule on September 1, 2020.