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TREAS/OCC RIN: 1557-AE98 Publication ID: Spring 2021 
Title: Margin and Capital Requirements for Covered Swap Entities--IFR 

The OCC, FRB, FDIC, FCA, and FHFA finalized 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 another final rule, 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.

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 
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
Action Date FR Cite
Interim Final Rule  07/01/2020  85 FR 39464   
Interim Final Rule Comment Period End  08/31/2020 
Interim Final Rule Effective  09/01/2020 
Final Rule  05/00/2021 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Information URL:   Public Comment URL:  
RIN Data Printed in the FR: No 
Agency Contact:
Allison Hester-Haddad
Department of the Treasury
Comptroller of the Currency
Chief Counsel's Office, 400 7th Street SW.,
Washington, DC 20219
Phone:202 649-7810