The European Supervisory Authorities (ESAs, which comprises ESMA, the EBA and EIOPA) have issued this letter on the topic of the upcoming uncleared margin rule deadline (see here). The letter reminds the market that unlike other jurisdictions, the EU does not have the concept of “No action relief”, as in the US. The CFTC issued a partial letter of no action relief on the same rules a few weeks ago. The letter effectively leaves the matter of delayed compliance to the various National Competent Authorities(NCAs) in each member state.
The latest version of The OTC Space’s “Rocket” magazine has just been launched and can found here on The OTC Space web site. It contains many articles on the latest developments and issues around the Uncleared Margin rules.