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TREAS/OCC | RIN: 1557-AE61 | Publication ID: Fall 2019 |
Title: Margin and Capital Requirements for Covered Swap Entities | |
Abstract:
The OCC, FRB, FDIC, FCA, and FHFA issued an interim final rule amending their regulations that require swap dealers and security-based swap dealers under the Agencies’ respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (Swap Margin Rule). The Swap Margin Rule takes effect under a phased compliance schedule stretching from 2016 through 2020, and the dealers covered by the rule continue to hold swaps in their portfolios that were entered into before the effective dates of the rule. These swaps are grandfathered from the Swap Margin Rule’s requirements until they expire according to their terms. The interim final rule allows grandfathered swaps to be transferred out of the UK in anticipation of Brexit. |
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Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously 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. 161 12 U.S.C. 481 12 U.S.C. 1818 12 U.S.C. 3907 12 U.S.C. 3909 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 Information URL: https://www.regulations.gov/docket?D=OCC-2019-0002 | Public Comment URL: https://www.regulations.gov/docket?D=OCC-2019-0002 |
RIN Data Printed in the FR: No | |
Agency Contact: Jamey Basham Assistant Director Department of the Treasury Comptroller of the Currency Chief Counsel's Office, 400 7th Street SW., Washington, DC 20219 Phone:202 649-6277 Email: james.basham@occ.treas.gov 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 |