Tag Archives: swaps

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.

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Agencies Propose Harmonizing Swap Margin, QFC Rules

To facilitate compliance with their rules regarding qualified financial contracts of systemically important banks, the federal banking agencies today proposed a rule clarifying that legacy swaps -- those entered into before the margin rules’ compliance dates -- do not become subject to margin requirements provided they are amended solely to comply with QFC rules.

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ABA Calls for Clarity, Flexibility on Eligible Contract Participant Definition

As the Commodity Futures Trading Commission continues its ongoing initiative to simplify and modernize its rules, ABA last week wrote to the CFTC to highlight how a relatively inflexible definition of “eligible contract participant” under CFTC regulations has constrained banks from helping borrows mitigate risk by participating in swaps transactions.

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