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CFTC RIN: 3038-AF36 Publication ID: Fall 2023 
Title: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants 

On 07/26/2023, the Commodity Futures Trading Commission (Commission) approved a notice of proposed rulemaking (NPRM) that would propose amendments to the regulations governing uncleared swaps for swap dealers and major swap participants for which there is not a prudential regulator. The proposed amendments would revise the definition of margin affiliate to provide that certain collective investment vehicles that receive a portion or all of their initial equity investment from a sponsoring entity would be deemed not to have any margin affiliates for the purposes of calculating certain thresholds that trigger the requirements to exchange initial margin (IM), effectively relieving swap dealers and major swap participants from posting and collecting IM with certain eligible seeded funds for a limited, three year period. The amendments would also include a proposal to eliminate a provision disqualifying the securities issued by certain pooled investment 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. Finally, the Commission included a proposed technical amendment to the haircut schedule set forth in Regulation 23.156(a)(3)(i)(B) to add a footnote that was inadvertently omitted when the rule was originally promulgated.

Agency: Commodity Futures Trading Commission(CFTC)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: 17 CFR 23   
Legal Authority: 7 U.S.C. 6s(e)   
Legal Deadline:  None
Action Date FR Cite
NPRM  08/08/2023  88 FR 53409   
NPRM Comment Period End  10/10/2023 
Final Rule  03/00/2024 
Final Rule Effective  04/00/2024 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Warren Gorlick
Associate Director, Market Participants Division
Commodity Futures Trading Commission
Three Lafayette Centre, 1155 21st Street NW,
Washington, DC 20581
Phone:202 418-5195