Page 44 - 期货和衍生品行业监管动态（2023年7月刊）

期货和衍生品行业监管动态

The Commission approved the proposed rule to amend the margin requirements

for uncleared swaps applicable to swap dealers (SDs) and major swap participants

(MSPs) for which there is no prudential regulator. The proposed amendment would
revise the definition of “margin affiliate” to provide that certain collective investment

vehicles (investment funds or funds) that receive all of their start-up capital, or a portion

thereof, from a sponsor entity (seeded funds) would be deemed not to have any margin

affiliates for the purposes of calculating certain thresholds that trigger the requirement

to exchange initial margin (IM) for uncleared swaps. This proposed amendment would

effectively relieve SDs and MSPs from the requirement to post and collect IM with

certain eligible seeded funds for their uncleared swaps for a period of up to three years

from the date on which the eligible seeded fund’s asset manager first begins making

investments on behalf of the fund (trading inception date). The Commission is also

proposing to eliminate a provision disqualifying the securities issued by certain pooled

investment funds (money market and similar funds) that transfer their assets through

securities lending, securities borrowing, repurchase agreements, reverse repurchase

agreements, and similar arrangements from being used as eligible IM collateral, thereby
expanding the scope of assets that qualify as eligible collateral. Additionally, the

Commission is proposing an amendment to the haircut schedule set forth in

Commission Regulation 23.156(a)(3)(i)(B) to add a footnote that was inadvertently

omitted when the rule was originally promulgated.

This proposed rule has a 60-day comment period after publication in the Federal

Register.

https://www.cftc.gov/PressRoom/PressReleases/8758-23

30