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

Open Date:
Open for comment 7/1/2020
All comments are due by 8/31/2020
Interim Final Rule
Fannie Mae; Freddie Mac
Document Number:
12 CFR 1221
CFR Description:
Federal Register Publish Date:
View Document:
Contact Information:

​Christopher Vincent, Senior Financial Analyst, Office of Financial Analysis, Modeling & Simulations, (202) 649-3685, Christopher.Vincent@fhfa.gov, or James P. Jordan, Associate General Counsel, Office of General Counsel, (202) 649-3075, James.Jordan@fhfa.gov, Federal Housing Finance Agency, Constitution Center, 400 7th St., SW, Washington, DC 20219.  The telephone number for the Telecommunications Device for the Deaf is (800) 877-8339.

Related Documents:
/SupervisionRegulation/Rules/RuleDocuments/SMR_IFR_for web.pdf|129.01 KB;

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SUMMARY:  The OCC, Board, FDIC, FCA, and FHFA (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 elsewhere in today's issue of the Federal Register, 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.    

DATES:  The interim final rule is effective September 1, 2020.  Comments should be received on or before August 31, 2020.

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