The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight authorized certain registered swap dealers engaging in swaps transactions with counterparties subject to European Union margin requirements for non-cleared swaps to apply only European margin rules through May 7, 2017. Without this relief, as of February 4 – the effective date of the first phase of margin requirements under EU rules – such CFTC-registered swap dealers would have to apply both US and EU margin requirements. This relief will only apply to swap dealers who are not supervised by a prudential regulator (i.e., non-banks). DSIO said this delay is to accommodate comparability determinations (which have not yet been made) by the CFTC and EU regulators related to each other’s uncleared swaps margin rules.