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FHFA RIN: 2590-AB03 Publication ID: Spring 2020 
Title: Margin and Capital Requirements for Covered Swap Entities (LIBOR Amendments) 

FHFA, jointly with the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Farm Credit Administration (the "agencies"), proposed and invited comment on amendments to the agencies’ 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. Those swaps are grandfathered from the Swap Margin Rule’s requirements until they expire according to their terms. The proposed amendments would: address the status of grandfathered swaps in the event of contractual amendments resulting from a possible discontinuation of an interbank offered rate; relocate the permissibility of amendments resulting from the QFC Rules; remove the inter-affiliate initial margin provisions; introduce an additional compliance date for initial margin requirements; clarify the point in time at which trading documentation must be in place and; address the status of grandfathered swaps in the event of contractual amendments resulting from portfolio compression exercises; and make other changes.

Agency: Federal Housing Finance Agency(FHFA)  Priority: Other Significant 
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 1221   
Legal Authority: 7 U.S.C. 6s(e)    15 U.S.C. 78o-10(e)    12 U.S.C. 4513    12 U.S.C. 4526(a)   
Legal Deadline:  None
Action Date FR Cite
NPRM  11/07/2019  84 FR 59970   
NPRM Comment Period End  12/09/2019 
NPRM Comment Period Reopened  12/30/2019  84 FR 71833   
NPRM Comment Period End  01/23/2020 
Final Rule  07/00/2020 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Information URL:   Public Comment URL:  
RIN Data Printed in the FR: No 
Agency Contact:
James Jordan
Associate General Counsel
Federal Housing Finance Agency
400 Seventh Street SW,
Washington, DC 20219
Phone:202 649-3075
TDD Phone:800 877-8339