Data / Federal rules / 2026-14509
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
The Commodity Futures Trading Commission published this final rule in the Federal Register on July 17, 2026. It took effect on August 17, 2026.
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What the agency says
The Commodity Futures Trading Commission ("Commission") is amending the margin requirements for uncleared swaps applicable to swap dealers and major swap participants that are not subject to the margin rules of a prudential regulator. The amendment revises the definition of "margin affiliate" in the Commission's regulations to provide that certain collective investment vehicles ("investment funds" or "funds") that receive start-up capital from a sponsor entity ("seeded funds") would be deemed not to have any margin affiliates or to constitute margin affiliates of another entity for the purposes of calculating certain thresholds that trigger the requirement to exchange initial margin for uncleared swaps ("Seeded Funds Amendment"). The Seeded Funds Amendment relieves swap dealers and major swap participants subject to the Commission's uncleared swaps margin rules from the requirement to post and collect initial margin with certain eligible seeded funds for a period of up to three years from the date on which the eligible seeded fund's asset manager begins making investments on behalf of the fund ("trading inception date"). The Commission is also eliminating a provision disqualifying securities issued by certain pooled investment funds ("money market and similar funds") whose asset managers transfer fund assets through securities lending, securities borrowing, repurchase agreements, reverse repurchase agreements, and similar arrangements from being used as eligible initial margin collateral for uncleared swaps, thereby expanding the scope of assets that qualify as eligible collateral ("Eligible Collateral Amendment"). Additionally, the Commission is amending the haircut schedule for eligible margin collateral for uncleared swaps to address the haircuts applicable to money market and similar funds ("Haircut Schedule Amendment").
Key facts
- Document number
- 2026-14509
- Type
- Final rule
- Action
- Final rule
- Agency
- Commodity Futures Trading Commission
- Published
- July 17, 2026
- Takes effect
- August 17, 2026
- Dates
- The Final Rule is effective August 17, 2026.
- Regulation ID (RIN)
- 3038-AF36
- Code of Federal Regulations
- 17 CFR 23
- Topics
- Swaps
- Significant
- Yes, under Executive Order 12866
- Pages
- 30
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|---|---|---|
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| Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets 2026-20888 | Proposed rule | Oct 13 |
| Privacy Act Regulations 2026-19290 · significant | Proposed rule | Sep 21 |
| Whistleblower Award Determination 2026-19006 | Final rule | Sep 16 |
| Clearing Requirement Determination Under Section 2(h) of the Commodity Exchange Act for Interest Rate Swaps To Account for CAD and MXN Interest Rate Benchmark Transitions 2026-18212 | Final rule | Sep 8 |
| Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers; Further Extension of Compliance Date 2026-18104 | Final rule | Sep 3 |
| Swap Execution Facility Order Book Requirement for Permitted Transactions 2026-17416 | Proposed rule | Aug 26 |
Everything from the Commodity Futures Trading Commission · Rules on swaps · Published in July 2026
Read from the Federal Register API, last updated 2026-10-24. The document on federalregister.gov is the official record; dates and dockets can change through later corrections. Free to reuse with credit to SpecStream under CC BY 4.0.