ABA, Groups Applaud Agencies’ Recent Swap Regulation Actions
ABA joined a coalition of financial trade groups last week welcoming action by financial regulators to provide regulatory relief to swaps market participants during the pandemic.
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CFTC Proposes Relief from Swaps Clearing Requirements
The Commodity Futures Trading Commission last week issued a proposal intended to provide relief for market participants from the swaps clearing requirement.
Trade Groups Support Proposed Changes to Swap Margin Rules
The American Bankers Association joined several industry groups in a comment letter to the financial regulatory agencies this week supporting a long-awaited change to swap margin rules that would remove the requirement for covered swap entities to collect initial margin from affiliates.
FDIC Proposes Rule to Amend Initial Margin Requirements for Inter-Affiliate Swaps
The FDIC today proposed to remove the requirement for covered swap entities to collect initial margin from affiliates, a change long called for by the American Bankers Association.
Basel Committee, IOSCO Extend Effective Date of Margin Rules for Non-Centrally Cleared Derivatives
The Basel Committee and the International Organization of Securities Commissions announced today that they will delay for one year the final implementation plan for margin requirements for non-centrally cleared derivatives.
Basel Committee Makes Changes to Treatment of Client Cleared Derivatives
The Basel Committee today announced that it will revise the leverage ratio treatment of client cleared derivatives to align it with the standardized approach to measuring counterparty credit risk exposures, or SA-CCR.
ABA, Financial Trade Groups Call for Changes to Margin Rules
The American Bankers Association joined several financial trade organizations in a letter to the prudential regulators earlier this week calling on them to modify the margin rules for non-cleared swaps and security-based swaps to better align them with international standards.
Agencies Facilitate Transfers of Legacy Swaps Under ‘Hard Brexit’
With uncertainty rising around the United Kingdom’s pending withdrawal from the European Union, five federal regulatory agencies today issued an interim final rule to allow qualifying swaps to be transferred from a UK entity to an affiliate in the EU or the U.S. without triggering new requirements.
ABA Weighs in on Harmonization of Swap Margin, QFC Rules
ABA today commented on a joint proposed rulemaking issued by the OCC, Federal Reserve and FDIC, Farm Credit Administration and the Federal Housing Finance Administration that would align the agencies’ margin rules with restrictions on qualified financial contracts that took effect last year.
Fed, OCC Issue Transition Period Guidance on Variation Margin
As the ABA Securities Association and other trade groups have urged, the Federal Reserve and the OCC today issued guidance on how examiners will review compliance with the requirement for when swap dealers and major swap participants must exchange variation margin for swaps not cleared through a central counterparty.