Regulatory Alerts2023-08-25
Added · Updated
Joint Communication 2 of 2023: Margin Requirements Model Application Suite
The Financial Sector Conduct Authority and Prudential Authority have released an updated application suite to standardize provider submissions for the Quantitative Portfolio Margin Model and Risk-Sensitive Quantitative Model-based Haircut Approach. Providers must complete four appendices covering model development, implementation, governance, and independent assurance while adhering to a three-stage sequential approval process that culminates in board endorsement. Opening on 1 August 2023, the revised framework replaces prior forms and mandates rigorous validation, independent testing, and comprehensive documentation to demonstrate full compliance with the 2020 Joint Standard.
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