In light of the global COVID-19 crisis, The Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) have announced a deferral in the implementation of the final phases of the uncleared margin rules (UMR) for non-centrally cleared derivatives.
The extension of one year to 1 September 2022, will provide additional operational capacity for firms to respond to the immediate impact of the pandemic and at the same time, facilitate covered entities to act diligently to comply with the requirements by the revised deadline.
The Basel Committee and IOSCO have published a revised version of the margin requirements to reflect this revision on their websites. The revised publication features no other substantive changes to the margin requirements framework.
Full Press Release https://www.iosco.org/news/pdf/IOSCONEWS560.pdf
Revised Version of Margin Requirements https://www.iosco.org/library/pubdocs/pdf/IOSCOPD651.pdf
If you are part of an ISLA member firm and would like the opportunity to discuss this with other members in a working group forum, or highlight any potential impacts to securities lending as well as areas that you feel require advocacy, then please contact firstname.lastname@example.org.