The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight issued an interpretation regarding the obligations of swap dealers and major swap participants related to the posting of margin by their counterparties for uncleared swaps. Among other things, said DSIO, a swap dealer or MSP must provide an annual notice to a counterparty of its right to require segregation of margin whether or not the counterparty previously requested segregation. However, a swap dealer or MSP may satisfy its obligation to obtain from a counterparty its confirmation of receipt of such annual notice and its election to require or not require segregation by relying on negative consent. Moreover, a swap dealer or MSP has an obligation to provide such annual notice (as well as certain quarterly reports by its chief compliance officer to counterparties who do not elect segregation) only when initial margin is required. Notices related to rights of segregation for new counterparties were required by no later than May 5, 2014, and by no later than today for existing counterparties.