Regulations Review Authority (RRA 2.0) – Interim Recommendations RBI/2021-22/129

Last updated: 17 November 2021

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The Reserve Bank of India (RBI) has announced the withdrawal of specific circulars concerning Credit Default Swaps (CDS) for Corporate Bonds. This action is part of the implementation of interim recommendations made by the Regulations Review Authority (RRA 2.0). The withdrawn circulars relate to changes in the operationalisation date and the permitting of All India Financial Institutions for CDS.

RBI/2021-22/129
FMRD.DIRD.09/14.03.059/2021-22

November 16, 2021

To,

All Eligible Market Participants

Madam/Sir,

Regulations Review Authority (RRA 2.0) – Interim Recommendations – Withdrawal of Circulars

Reference is invited to the announcement on setting up of a new Regulations Review Authority (RRA 2.0), vide press release dated April 15, 2021 and the publication of the interim recommendations of the RRA 2.0, vide press release dated November 16, 2021.

2. As part of the implementation of the interim recommendations of the RRA 2.0, it has been decided to withdraw the following circulars with immediate effect.

a) Introduction of Credit Default Swaps for Corporate Bonds: Date for Operationalisation Changed (IDMD.PCD. No.12/14.03.04/2011-12) dated October 20, 2011.

b) Guidelines on Credit Default Swaps (CDS) for Corporate Bonds- Permitting All India Financial Institutions (IDMD.PCD.4085/ 14.03.04/2011-12) dated April 23, 2012.

Yours faithfully,

(Dimple Bhandia)
Chief General Manager

FAQ :

RRA 2.0 stands for Regulations Review Authority 2.0, established by the RBI.

This notification announces the withdrawal of certain circulars as part of the implementation of the interim recommendations from RRA 2.0.

The withdrawn circulars are related to the introduction of Credit Default Swaps for Corporate Bonds, specifically concerning the operationalisation date and the permitting of All India Financial Institutions.

The interim recommendations of RRA 2.0 were published on November 16, 2021.

RRA 2.0 was set up via a press release dated April 15, 2021.

Notification No : RBI/2021-22/129 FMRD.DIRD.09/14.03.059/2021-22
Source : https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12198&Mode=0

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