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FINANCIAL MARKETS: 2020 OTC DERIVATIVE TRANSACTIONS STANDARD AMENDED AND IN FORCE
- 11 June 2023
- Financial Sector
- SA Legal Academy
The Financial Sector Conduct and Prudential Authorities have amended their 2020 joint standard on margin requirements for non-centrally cleared over-the-counter derivative (OTC) transactions. This was announced in a communication dated 7 June 2023 but apparently only published with the amended standard and related documents two days later, when amendments came into force.
Released in draft form in April 2023 for public comment, among other things the amendments allow the authorities to:
- impose reporting requirements on providers entering into OTC derivative transactions with local and foreign counterparties, as well as on financial institutions defined in the standard as counterparties, and
- determine ‘appropriate risk-mitigating conditions’ for the use of non-cash collateral.
Please click the links below for more information:
- amended joint standard
- joint standard before being amended
- communication
- consultation report
- statement of need
Published by SA Legal Academy Policy Watch
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