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Margin and Capital Requirements for Covered Swap Entities - Interim Final Rule

Open Date:
Open for comment 10/30/2015
Deadline:
All comments are due by 1/31/2016
Type:
Interim Final Rule
Number:
RIN-2590-AA45
Group:
 
Fannie Mae; FHLBanks; Freddie Mac; Other
Document Number:
2015–28670
CFR:
12 CFR Part 1221
CFR Description:
Margin and Capital Requirements for Covered Swap Entities
Federal Register Publish Date:
View Document:
/SupervisionRegulation/Rules/RuleDocuments/Swaps IFR_Web Release.pdf|185.14 KB;
Contact Information:

FOR FURTHER INFORMATION CONTACT:  ​Robert Collender, Principal Policy Analyst, Office of Policy Analysis and Research, (202) 649-3196, Robert.Collender@fhfa.gov, or Peggy K. Balsawer, Associate General Counsel, Office of General Counsel, (202) 649-3060, Peggy.Balsawer@fhfa.gov, Federal Housing Finance Agency, Constitution Center, 400 7th St., SW, Washington, DC 20219. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Additionally, the TDD 1-(800) number referenced in Rulemaking documents attached to this page is obsolete and the 7-1-1 number should be used.

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SUMMARY:  The OCC, Board, FDIC, FCA, and FHFA (each an “Agency” and, collectively, the “Agencies”) are adopting and invite comment on an interim final rule that will exempt certain non-cleared swaps and non-cleared security-based swaps with certain counterparties that qualify for an exception or exemption from clearing from the initial and variation margin requirements promulgated under sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act” or the “Act”). This interim final rule implements Title III of the Terrorism Risk Insurance Program Reauthorization Act of 2015 (“TRIPRA”), which exempts from the Agencies’ swap margin rules non-cleared swaps and non-cleared security-based swaps in which a counterparty qualifies for an exemption or exception from clearing under the Dodd-Frank Act. This interim final rule is a companion rule to the final rules adopted by the Agencies to implement section 731 and 764 of the Dodd-Frank Act.

The interim final rule is effective April 1, 2016.  Comments should be received on or before January 31, 2016.

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