Emergency docs: funds rush to meet EU’s revised Emir rules

Isda asks for six-month extension as previously exempt funds hit with margin requirements

Two weeks. That’s how long some funds outside the European Union may have to revise their collateral agreements for non-cleared swaps with EU dealers, following revisions to key legislation passed in May, which are due to take effect with no implementation period. 

“Having to start exchanging margin in less than a month’s time is not practical,” says Leonard Ng, a partner at law firm Sidley Austin and co-head of its EU financial services regulatory group. “Putting in place all of the necessary