The CFTC finalized the extension of the Phase Six initial margin (IM) deadline to September 1, 2022.
On October 15, 2020, the CFTC approved a final rule extending to September 1, 2022 the final Phase Six deadline for compliance with CFTC initial margin (IM) requirements for uncleared swaps entered into by swap dealers (SDs) and major swap participants (MSPs) for which there is no prudential regulator (CFTC margin rules) with smaller entities not covered by the CFTC's May 28, 2020 interim final rule (May 2020 IFR).
The final rule delays the CFTC Phase Six IM compliance date for all remaining in-scope uncleared swap portfolios in excess of $8 billion from September 1, 2021 to September 1, 2022 to avoid a logjam of having both Phase Five and Phase Six CFTC IM compliance fall on the same date.