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TREAS/OCC RIN: 1557-AE66 Publication ID: Fall 2019 
Title: ●Margin and Capital Requirements for Covered Swap Entities 
Abstract:

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 OCC, FRB, FDIC, FCA, and FHFA plan to issue a proposed rule that would allow these grandfathered swaps to be amended to (1) replace existing interest rate provisions based on certain benchmark interbank offered rates and similar interest rates that may be discontinued in the future and (2) permit certain amendments, including immaterial amendments to non-economic terms and amendments that reduce operational or counterparty risk, such as notional reductions, partial terminations, and compression exercises.  The proposed rule would also repeal the current Swap Margin Rule’s section imposing special requirements for the exchange of initial margin for inter-affiliate swaps and clarify existing trade documentation requirements. 

 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: Undetermined 
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. 3909    12 U.S.C. 5412(b)(2)(B)    15 U.S.C. 78o-10(e)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  11/00/2019 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Undetermined 
Federalism: Undetermined 
Included in the Regulatory Plan: No 
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

Allison Hester-Haddad
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