A new survey published by the International Swaps and Derivatives Association, Inc. suggests that one-third of derivatives end users are unsure whether they will be subject to proposed new margin rules for uncleared swaps, while, of the one-third who knew they would likely have to comply, over 65% had concerns to some degree regarding their ability to meet their obligations. Last year, the Federal Reserve Bank and four other federal agencies, and later, the Commodity Futures Trading Commission, proposed rules for uncleared swaps for swap entities they regulate. Under these proposals, obligations to post variation margin would be effective December 1, 2015, while requirements regarding initial margin would be phased in from December 1, 2015, to December 1, 2019, depending on the type of entity. Generally, non-financial end users would not be required to post initial or variation margin by law, but could be required by a counterparty. (Click here for the article, “FRB and Four Other Federal Agencies Propose Minimum Margin Rules for Uncleared Swaps” in the September 1 to 5 and 8, 2014 edition of Bridging the Week). Last week both houses of Congress passed a bill that would amend applicable federal law to make clear that end users who are exempt from mandatory obligations to clear certain swaps are also exempt from any mandatory obligation to post initial or variation margin in connection with such swaps. This bill does not seem to impact counterparties’ right to call for margin from end users, however.