The Prudential Authority and Financial Sector Conduct Authority have issued a joint communication calling for input by 8 July 2024 on proposals for revising the 2020 joint standard on margin requirements for non-centrally cleared over-the-counter derivative transactions. This is noting that the standard came into effect in August 2021 and was amended in June 2023.

Proposals in the discussion document have implications for:

  • eligible collateral types (which the authorities are considering expanding to include other types of assets or instruments), and
  • the use of non-cash collateral (regarding which the authorities are considering imposing risk management protocols, internal controls and assurance requirements).

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Published by SA Legal Academy Policy Watch

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