The Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) agreed to extend by one year the final implementation of the margin requirements for non-centrally cleared derivatives for covered entities with an aggregate average notional amount (AANA) of non-centrally cleared derivatives greater than €8 billion (but not greater than €50 billion). The final implementation phase will thus take place on 1 September 2021; however, those covered entities with an AANA of non-centrally cleared derivatives greater than €50 billion will be subject to the requirements as of 1 September 2020.

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