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FRS | RIN: 7100-AF92 | Publication ID: Fall 2021 |
Title: Margin and Capital Requirements for Covered Swap Entities (Docket No: R-1721) | |
Abstract:
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Association, and the Federal Housing Finance Agency (each an Agency and, collectively, the Agencies) are adopting and inviting 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 final rule published in the Federal Register on July 1, 2020, the Agencies 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. |
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Agency: Federal Reserve System(FRS) | 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 237 | |
Legal Authority: 44 U.S.C. 3501 5 U.S.C. 601 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Constance Horsley Deputy Associate Director Federal Reserve System Division of Supervision and Regulation, Washington, DC 20551 Phone:202 452-5239 Lesley Chao Lead Financial Institution Policy Analyst Federal Reserve System Division of Supervision and Regulation, Washington, DC 20551 Phone:202 974-7063 John Feid Principal Economist Federal Reserve System Division of Supervision and Regulation, Washington, DC 20551 Phone:202 452-2385 |