SIFMA today released the following statement from Kenneth E. Bentsen, Jr., president and CEO, after the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) announced a revised implementation date for margin requirements for non-centrally cleared derivatives:
"Margin rules for non-centrally cleared derivatives are among the most complicated and important aspects of the regulatory reform agenda, and the industry has been working hard to get to a position to implement those rules without delay once regulators finalize them. Given the ongoing national rulemaking processes, we welcome the BCBS/IOSCO decision to extend their recommended start date for the phase-in of those rules.
"As the national regulators finalize their respective rule sets, we encourage them to continue to coordinate as to timing and substance, consistent with the BCBS/IOSCO recommendations. It is of the utmost importance that margin rules are harmonized globally, which will minimize risk and help ensure efficient market function around the globe. There should be adequate time after the adoption of final rules for all affected market participants to implement rule-compliant systems, processes and procedures, so that derivatives markets can continue to provide vital risk management tools without undue disruption or fragmentation. We look forward to working with regulators moving forward."