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Update: South African Margin Requirements for Non-centrally Cleared Derivatives

19 December 2016

Further to our bulletin of 28 November 2016, the Registrar of Banks has decided to delay the implementation of the margin requirements for non-centrally cleared derivatives from 1 January 2017. 

On 23 November 2016, the Registrar of Banks (Registrar) published a draft directive relating to the margin requirements placed on banks entering into non-centrally cleared derivatives with relevant covered entities (Margin Directive). The Registrar called for comments by no later than 2 December 2016, with an intended implementation date for the Margin Directive of 1 January 2017. Based on the comments received, the Registrar today announced that it will delay the implementation of the Margin Directive to a future date yet to be advised by the Registrar. No further clarity on whether or not the Margin Directive will be subject to any amendment pursuant to the comments received by the Registrar has been provided. 

Next Steps 

We shall keep you advised on all developments in relation to the Margin Directive.