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FDIC | RIN: 3064-AF55 | Publication ID: Fall 2020 |
Title: ●Margin and Capital Requirements for Covered Swap Entities | |
Abstract:
The OCC, FRB, FDIC, FCA, and FHFA (each an Agency and, collectively, the Agencies) adopted and invited comment on an interim final rule amending the Agencies’ regulations that require swap dealers, security-based swap dealers, major swap participants, and major security-based swap participants under the Agencies’ respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (non-cleared swaps) (Swap Margin Rule). Under the Swap Margin Rule, as amended, initial margin requirements will take effect under a phased compliance schedule spanning from 2016 through 2020, and in a Federal Register notice published, the Agencies have extended the phase-in period to 2021. Due to the COVID-19 pandemic, the Agencies are extending by one year the Phases 5 and 6 implementation deadlines for initial margin requirements from September 1, 2020, to September 1, 2021 (for phase 5) and from September 1, 2021, to September 1, 2022 (for phase 6). The Agencies’ objective is to give covered swap entities additional time to meet their initial margin requirements under the rule so as not to hamper any efforts underway to address exigent circumstances caused by COVID-19. The agencies intend to adopt as final the interim final rule. |
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Agency: Federal Deposit Insurance Corporation(FDIC) | 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 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) 12 U.S.C.1813(q) 12 U.S.C. 1818 12 U.S.C. 1819 12 U.S.C. 3108 |
Legal Deadline:
None |
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Timetable:
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Additional Information: Comments: comments@fdic.gov. Please include RIN 3064-AF55 in the subject line. | |
Regulatory Flexibility Analysis Required: No | Government Levels Affected: Undetermined |
Federalism: No | |
Included in the Regulatory Plan: No | |
International Impacts: This regulatory action will be likely to have international trade and investment effects, or otherwise be of international interest. | |
RIN Information URL: https://www.fdic.gov/regulations/laws/federal/ | Public Comment URL: https://www.fdic.gov/regulations/laws/federal/ |
RIN Data Printed in the FR: No | |
Related RINs: Related to 3064-AF08 | Related Agencies: Joint: TREAS/OCC, FRS, FCA, FHFA; |
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 Thomas Hearn Counsel Federal Deposit Insurance Corporation 550 17th Street NW, Washington, DC 20429 Phone:202 898-6967 Email: thohearn@fdic.gov |