APRA's announces timetable for CPS 226
On 6 December, APRA announced the implementation timetable for the new requirements for margining and risk mitigation for non-centrally cleared derivatives.
CPS 226 is to commence on 1 March 2017 for margin requirements and on 1 March 2018 for risk mitigation requirements.
APRA has amended and aligned the APS 120 definitions of ‘securitisation special purpose vehicle’ and ‘traditional securitisation’ with those in the final CPS 226 in order to resolve any uncertainty as to whether those entities are excluded from the scope of CPS 226.
These matters were requested in the ASF submission letter to APRA on 31 October 2016.
As a result, the final CPS 226 now explicitly excludes covered bond special purpose vehicles and also securitisation special purpose vehicles that are involved in 'traditional securitisations'.
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