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TREAS/OCC | RIN: 1557-AE29 | Publication ID: Spring 2018 |
Title: ●Margin and Capital Requirements for Covered Swap Entities | |
Abstract:
The OCC, FRB, FDIC, FCA, and FHFA have issued a proposal to amend the minimum margin requirements for registered swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants for which one of the agencies is the prudential regulator (Swap Margin Rule). Specifically, the proposed rule would amend the definition of "Eligible Master Netting Agreement" (EMNA) in the Swap Margin Rule to make the EMNA definition consistent with the definition of "Qualifying Master Netting Agreement" in the Federal banking agencies’ regulatory capital and liquidity rules, which were recently amended by rules adopted by the OCC, FRB, and FDIC (QFC Rules). This consistency will ensure that netting agreements of firms subject to the Swap Margin Rule are not excluded from the EMNA definition based solely on their compliance with the recently-adopted QFC Rules. The proposed rule would also clarify that any grandfathered non-cleared swap that is entered into before the applicable compliance date of the Swap Margin Rule and that is thus not subject to its margin requirements would not become subject to the Swap Margin Rule if the grandfathered non-cleared swap is amended solely to comply with the QFC Rules. |
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Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Independent agency | |
CFR Citation: 12 CFR 45 | |
Legal Authority: 7 U.S.C. 6s(e) 12 U.S.C. 1 et seq. 12 U.S.C. 93a 12 U.S.C. 161 12 U.S.C. 481 12 U.S.C. 1818 12 U.S.C. 3907 12 U.S.C. 5412(b)(2)(B) 15 U.S.C. 78o-10(e) |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Allison Hester-Haddad Special Counsel Department of the Treasury Comptroller of the Currency Chief Counsel's Office, 400 7th Street SW., Washington, DC 20219 Phone:202 649-7810 Email: allison.hester-haddad@occ.treas.gov |