EMIR: BCBS/IOSCO announce year's deferral to regulatory IM deadlines
An overview of revised implementation deadlines for regulatory initial margin Phases 5 and 6.
BCBS/IOSCO has today announced a proposed deferral of the final implementation phases of the regulatory initial margin requirements, citing the disruption caused by COVID-19 to firms’ implementation plans. This follows a lobbying letter last week signed by a wide range of industry bodies including ISDA, AIMA, MFA, EFAMA and SIFMA AMG.
This would mean that the implementation phases would be deferred as follows:
Phase 5
AANA threshold - USD/EUR 50bn
Current implementation deadline - 1 September 2020
Proposed deferred implementation deadline - 1 September 2021
Phase 6
AANA threshold - USD/EUR 8bn
Current implementation deadline - 1 September 2021
Proposed deferred implementation deadline - 1 September 2022
The next step will be to see how legislators in the US, the EU and other relevant jurisdictions react to this, but it seems likely that they will follow the approach from BCBS/IOSCO.
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