At an open meeting on July 22, the Commodity Futures Trading Commission heard presentations on three proposals for changes to the margin requirements for uncleared swaps. The proposed changes, which originate from recommendations made by the Margin Subcommittee of the CFTC Global Markets Advisory Committee (GMAC), are as follows:
Continue Reading CFTC Proposes Margin Requirements for Uncleared Swaps

On June 25, the five prudential regulators responsible for the margin rules for bank swap dealers (the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration and the Federal Housing Finance Agency) adopted one final rule and one interim final rule that modify their original framework for margining uncleared swaps.
Continue Reading Prudential Regulators Revise Initial Margin Rules for Uncleared Swaps

On April 14, the International Organization of Securities Commissions (IOSCO) published a final report on sustainable finance and the role of securities regulators and IOSCO (the Report).

In the Report, IOSCO provides an overview of the current sustainable finance initiatives taken by regulators and the industry. The Report also includes a detailed analysis of the most relevant environmental, social and governance related international initiatives, and third-party frameworks and standards.
Continue Reading ESG: IOSCO Publishes Report on Sustainable Finance and the Role of Securities Regulators and IOSCO

On Friday, April 3, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) announced another delay in the implementation of the global implementation of mandatory initial margin for uncleared swaps. The initial margin compliance date for Phase 5 will now be September 1, 2021. The compliance date for Phase

On April 3, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commission (IOSCO) published a statement to delay the implementation of the final two phases of margin requirements for non-cleared derivatives by one year due to the COVID-19 pandemic (the Statement).
Continue Reading BCBS and IOSCO Delay Non-Cleared Margin Rules

On February 12, the International Organization of Securities Commissions (IOSCO) published its final report on “Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms (CTPs)” (the Final Report). The Final Report follows a consultation paper IOSCO published in May 2019 (for more information, please see the June 14, 2019 edition of Corporate & Financial Weekly Digest).

Continue Reading IOSCO Reports on Crypto-Asset Trading Platforms

On February 6, the European Securities and Markets Authority (ESMA) published its Strategy on Sustainable Finance (the Strategy). This continues work initiated by the European Commission (the Commission) concerning sustainable finance and the incorporation of environmental, social and governance (ESG) factors into European financial services (for more information, please see the January 10 edition of Corporate & Financial Weekly Digest).
Continue Reading ESG: ESMA Publishes Strategy on Sustainable Finance

On September 17, the directors of the Federal Deposit Insurance Corporation (FDIC) approved a joint notice of proposed rulemaking (NPR) with respect to the prudential regulator margin rules for non-cleared swaps. The joint form of the NPR indicates that the other prudential swap regulators (the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Farm Credit Administration and the Federal Housing Finance Agency) will all be approving the same NPR in the near future.
Continue Reading FDIC Proposes Amendments to Prudential Regulator Swap Margin Rules

On August 20, the European Securities and Markets Authority (ESMA) published a letter written jointly with the European Banking Authority (EBA) and addressed to the European Commission (EC) relating to cryptoassets. The letter responds to a letter from the Commission dated July 19.

The letter begins by welcoming the EC’s work responding to issues identified in the January 2019 reports by ESMA and the EBA on cryptoassets and initial coin offerings (for more information, see the January 11, 2019 edition of Corporate & Financial Weekly Digest). ESMA and the EBA agree that it is vital that further work progresses urgently to inform any actions taken by the new EC.
Continue Reading ESMA and EBA Respond to Letter From European Commission on Cryptoassets Work