Regulatory Alerts2021-08-19
Notice relating to the Guideline on margins for over-the-counter derivatives not cleared by a central counterparty
The Autorité des marchés financiers (AMF) issued this notice to amend its margin guideline for over-the-counter derivatives not cleared by a central counterparty, deferring the initial margin expectations effective date to September 1, 2022. The clarification establishes that interest rate benchmark reforms do not constitute new derivatives and exempts covered institutions from documentation requirements until exchanged margin approaches C$75 million. A phased entry into force will additionally apply to financial groups whose aggregate month-end average gross notional outstanding derivatives exceed C$75 billion.
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