Agencies Seek Comment on Proposed Amendments to Swap Margin Rule

February 5, 2018

On Monday, February 5, 2018, five federal agencies (Board of Governors of the Federal Reserve, Farm Credit Administration, Federal Housing Finance Agency, FDIC and OCC)proposed to amend swap margin requirements to conform with recent rule changes that impose new restrictions on certain qualified financial contracts (QFCs) of systemically important banking organizations. Under the proposed amendments, legacy swaps entered into before the applicable compliance date would not become subject to the margin requirements if they are amended solely to comply with the requirements of the QFC Rules.

 

The agencies request comments on the proposed amendments no later than 60 days after the date of their publication in the Federal Register.