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COVID-19 Regulatory update no. 6

Welcome to the sixth in our COVID-19 Regulatory update. Another relatively quiet period for COVID-19 related regulatory initiatives. With this in mind, forthcoming updates will be published on a fortnightly basis, or as and when sufficiently significant announcements are released.  

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COVID-19 Regulatory update no. 5

Welcome to the fifth in our weekly COVID-19 Regulatory update. A relatively quiet week in terms of new COVID-19 related regulation. The FCA has announced that it will be sending out weekly updates on COVID-19 for those interested, as well as clarifying the scope of SM&CR.

COVID-19 Regulatory update no. 4

Welcome to the fourth in our weekly COVID-19 Regulatory update series produced early for the Easter bank holiday. A relatively quiet week for COVID-19 financial regulation. The most significant item being the rapid adoption of BCBS guidelines by MAS (Monetary Authority of Singapore) who adopted the deferred deadlines for Basel III reforms and IM Phase […]

COVID-19 Regulatory update no. 3

Welcome to the third in our weekly COVID-19 Regulatory update series. Another significant week for COVID-19 financial regulation- BCBS announced the deferral of Basel III implementation and on Friday evening issued a 1 year extension to the IM Phases 5 and 6 deadlines.

IM deferred by 1 year

On 3 April 2020 BCBS and IOSCO announced a one year extension to IM Phases 5 and 6. Accordingly, the revised Phase 5 deadline is 1 September 2021, Phase 6 is 1 September 2022. AANA calculation periods for each phase will also be extended by one year.   AANA Period (EU) Threshold Deadline Phase 5 […]

COVID-19 Regulatory update

In order to manage the impact from COVID-19, regulators are announcing a number of measures and reliefs to help firms deal with the disruption caused by the virus. Last week, we did a preliminary post with some of the steps that regulatory bodies have taken with regards to wholesale financial regulation, and the table below […]

ISDA appeals IM

ISDA and 21 other Trade Associations (collectively “ISDA”) yesterday submitted a letter to regulators requesting a suspension of the IM Phase 5 and 6 deadlines, pending COVID-19 clarity. The letter also suggests that when and if new deadlines are set, “sufficient lead time be provided”.  The letter is supplemented by an article by Scott O’Malia, […]

EC says IM full speed ahead

Risk magazine (subscription) reports an email statement from Patrick Pearson, head of the financial market infrastructure and derivatives unit at the EC, that there are no plans to delay Phases 5 and 6 of IM. “The amendments to the current regulatory technical standard on margins to implement the internationally agreed timeframe are currently in the […]

Coronavirus- Initial Regulatory Responses

As the industry prepares to deal with the unprecedented and rapidly changing problems posed by the COVID-19 pandemic, a number of regulators have taken action. ESMA The European Securities and Markets Authority (ESMA) has taken measures to relieve the reporting burden on counterparties that are subject to the Securities Finance Transactions Regulation (SFTR). The 13 […]

OSFI verifies their IM Delay requirements

The spread of COVID-19 has not stopped the OSFI of Canada from verifying their IM arrangements. As was previously covered, the OSFI of Canada has issued a revised version of its Margin Requirements for Non-Centrally Cleared Derivatives. Since BCBS’s March 2019 announcement, the OSFI was the first regulator to announce that they would be extending […]

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