View Rule
View EO 12866 Meetings | Printer-Friendly Version Download RIN Data in XML |
FDIC | RIN: 3064-AE70 | Publication ID: Fall 2018 |
Title: Margin and Capital Requirements for Covered Swap Entities | |
Abstract:
The Board, OCC, FDIC, FCA, and FHFA (each an Agency and, collectively, the Agencies) sought comment on proposed amendments to 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). The Agencies proposed these amendments in light of the rules recently adopted by the Board, the OCC, and the FDIC that impose restrictions on certain non-cleared swaps and non-cleared security-based swaps and other financial contracts (Covered QFCs) (the QFC Rules). The QFC Rules amend the definition of Qualifying Master Netting Agreement in the Federal banking agencies’ regulatory capital and liquidity rules to ensure that a Covered QFC is not prevented from being part of a Qualifying Master Netting Agreement solely because the Covered QFC conforms to the new requirements in the QFC Rules. The FCA proposed amendments to its capital rules, including potential revisions to its regulatory definition of Qualifying Master Netter Agreement, which is expected to be identical to the definition used in the Federal banking agencies’ regulatory capital and liquidity rules. The Agencies proposed to amend the definition of Eligible Master Netting Agreement in the Swap Margin Rule so that it remains harmonized with the amended definition of Qualifying Master Netting Agreement in the Federal banking agencies’ regulatory capital and liquidity rules, and amendments to the capital rules that the FCA separately plans to propose. This rule ensures that netting agreements of firms subject to the Swap Margin Rule are not excluded from the definition of Eligible Master Netting Agreement based solely on their compliance with the QFC Rules. The Agencies also proposed that any legacy non-cleared swap or non-cleared security-based swap (i.e., a non-cleared swap or non-cleared security-based swap entered into before the applicable compliance date) that is not subject to the margin requirements of the Swap Margin Rule would not become subject to the provisions of the Swap Margin Rule if the non-cleared swap or non-cleared security-based swap is amended solely to comply with the requirements of the QFC Rules. |
|
Agency: Federal Deposit Insurance Corporation(FDIC) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Undetermined | Unfunded Mandates: No |
EO 13771 Designation: Independent agency | |
CFR Citation: 12 CFR 349 | |
Legal Authority: 7 U.S.C. 6s(e) 15 U.S.C. 78o–10(e) 12 U.S.C. 1818 12 U.S.C. 1819(a)(Tenth) ... |
Legal Deadline:
None |
||||||||||||
Timetable:
|
Additional Information: Email: Comments@fdic.gov: Include RIN 3064-AE70 in the subject line of the message. | |
Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Information URL: www.fdic.gov/regulations/laws/federal/ | Public Comment URL: www.fdic.gov/regulations/laws/federal/ |
RIN Data Printed in the FR: No | |
Related Agencies: Joint: FRS, TREAS/OCC, FHFA, FCA; | |
Agency Contact: Irina Leonova Senior Policy Analyst Federal Deposit Insurance Corporation 550 17th Street NW, Washington, DC 20429 Phone:202 898-3843 Email: ileonova@fdic.gov Phillip E. Sloan Counsel Federal Deposit Insurance Corporation VS-E-7012, 3501 Fairfax Drive, Arlington, VA 22226 Phone:703 562-6257 Email: psloan@fdic.gov |