(6)The ESAs have also monitored the impact of the COVID-19 outbreak on the financial markets, and in particular with respect to the significant challenges posed to counterparties by COVID-19, including the displacement of staff and the need to focus resources on managing risks associated with the related market volatility. The BCBS-IOSCO framework was also amended to take into account those effects of the COVID-19 outbreak and to postpone the implementation of the of the initial margin requirements. That amendment needs to be reflected in the implementation schedule laid down in Delegated Regulation (EU) 2016/2251. Such further extension of the deadline for the implementation of the initial margin requirements would result in counterparties with an aggregate average notional amount of non-centrally cleared derivatives above EUR 50 billion being subject to the initial margin requirements from 1 September 2021, and counterparties with an aggregate average notional amount of non-centrally cleared derivatives above EUR 8 billion being subject to the initial margin requirements from 1 September 2022.