CPMI-IOSCO publishes for consultation updated guidance and public disclosures to support the implementation of initial margin proposals
AI Analysis
CPMI and IOSCO have launched a consultation on targeted amendments to the 2017 CCP resilience guidance and the 2015 public quantitative disclosure (PQD) standards for central counterparties. The changes are intended to implement selected proposals from the January 2025 BCBS-CPMI-IOSCO report on initial margin transparency and responsiveness, with comments due by 30 June 2026.
Key dates
- 2026-05-06
- CPMI-IOSCO published the consultation on updated CCP resilience guidance and PQD disclosures
- 2026-06-30 Deadline
- Deadline to submit consultation comments to the CPMI and IOSCO secretariats
Suggested considerations
- Compliance teams may wish to review the January 2025 BCBS-CPMI-IOSCO initial margin report to map likely changes to CCP resilience guidance and PQD disclosure expectations.
- CCPs may wish to assess whether their current margin simulation tools, responsiveness metrics, override governance, and public disclosures could support the kind of targeted enhancements described in the consultation.
- Clearing members and clients may wish to evaluate how more detailed CCP disclosures could affect margin forecasting, model validation, and due diligence workflows.
- Firms may wish to prepare consultation submissions by the 30 June 2026 deadline, particularly if they have views on feasibility, data granularity, disclosure lags, or governance implications.
- Compliance and legal teams may wish to monitor whether the final amendments create new reporting or disclosure obligations under the revised CCP guidance and PQD standards.
What changed
The consultation proposes targeted additions to the CPMI-IOSCO 2017 guidance on the resilience of central counterparties and to the 2015 PQD standards for CCPs. The stated purpose is to incorporate relevant elements of the January 2025 BCBS-CPMI-IOSCO final report on transparency and responsiveness of initial margin in centrally cleared markets. The areas specifically addressed are simulation tools, the measurement of initial margin responsiveness, margin model governance frameworks, the use of margin model overrides, and CCP public disclosures. The BIS release does not publish the full proposed text, but it indicates that the amendments are being used to operationalise proposals 1 to 8 from the January 2025 report through targeted updates to existing CCP standards rather than through a st
Compliance impact
The publication is a consultation, so the immediate legal severity is moderate rather than binding, but it signals concrete supervisory direction on CCP margin transparency and governance. If adopted, the amendments could increase disclosure granularity and scrutiny of margin-model responsiveness, simulation tools, and override controls for CCPs and their clearing relationships.
Who is affected
Related regulations
References
AI-generated analysis. May contain errors or omissions — verify with the original BIS source before acting. Full disclaimer.
What the BIS said
CPMI-IOSCO is seeking input from interested stakeholders on amendments to CCP-related resilience guidance and public quantitative disclosures requirements.
Published by BIS . Read the full notice at the source for the authoritative text.