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Margin and Capital Requirements for Covered Swap Entities (LIBOR)

Open Date:
Open for comment 10/28/2019
Deadline:
All comments are due by 12/9/2019
Type:
Notice of Proposed Rulemaking
Number:
RIN-2590-AB03
Group:
 
Fannie Mae; FHLBanks; Freddie Mac; Office of Finance
Document Number:
 
CFR:
12 CFR Part 1221
CFR Description:
MARGIN AND CAPITAL REQUIREMENTS FOR COVERED SWAP ENTITIES
Federal Register Publish Date:
View Document:
 
Contact Information:

FOR FURTHER INFORMATION CONTACT:  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 Hearing Impaired is (800) 877-8339.

Related Documents:
/SupervisionRegulation/Rules/RuleDocuments/NPR for OFR (Final version)_Web.pdf|332.49 KB;

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SUMMARY:  The OCC, Board, FDIC, FCA, and FHFA (each, an agency, and collectively, the agencies) request comment on a proposed rule that would amend the agencies' regulations that require swap dealers and security-based swap dealers under the agencies' respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (Swap Margin Rule).  The Swap Margin Rule as adopted in 2015 takes effect under a phased compliance schedule spanning from 2016 through 2020, and the dealers covered by the rule continue to hold swaps in their portfolios that were entered into before the effective dates of the rule.  Such swaps are grandfathered from the Swap Margin Rule's requirements until they expire according to their terms.  The proposed rule would permit swaps entered into prior to an applicable compliance date (legacy swaps) to retain their legacy status in the event that they are amended to replace an interbank offered rate (IBOR) or other discontinued rate, repeal the inter-affiliate initial margin provisions, introduce an additional compliance date for initial margin requirements, clarify the point in time at which trading documentation must be in place, permit legacy swaps to retain their legacy status in the event that they are amended due to technical amendments, notional reductions, or portfolio compression exercises, and make technical changes to relocate the provision addressing amendments to legacy swaps that are made to comply with the Qualified Financial Contract Rules, as defined in the Supplementary Information section. 

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