dockets: OCC-2019-0023

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id agency_id title docket_type last_modified object_id rin dkabstract category subtype keywords program short_title effective_date organization attrs_raw attr_source
OCC-2019-0023 OCC Margin and Capital Requirements for Covered Swap Entities Rulemaking 2020-12-09T17:20:14Z 0b00006483eefb0b 1557-AE69 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.     ["Swap Margin", "IBOR", "Interbank Offered Rate"]         {"displayProperties": [], "keywords": ["Swap Margin", "IBOR", "Interbank Offered Rate"], "modifyDate": "2020-12-09T17:20:14Z", "dkAbstract": "The OCC, Board, FDIC, FCA, and FHFA (each, an agency, and \ncollectively, the agencies) request comment on a proposed rule that \nwould amend the agencies' regulations that require swap dealers and \nsecurity-based swap dealers under the agencies' respective \njurisdictions to exchange margin with their counterparties for swaps \nthat are not centrally cleared (Swap Margin Rule). The Swap Margin Rule \nas adopted in 2015 takes effect under a phased compliance schedule \nspanning from 2016 through 2020, and the dealers covered by the rule \ncontinue to hold swaps in their portfolios that were entered into \nbefore the effective dates of the rule. Such swaps are grandfathered \nfrom the Swap Margin Rule's requirements until they expire according to \ntheir terms. The proposed rule would permit swaps entered into prior to \nan applicable compliance date (legacy swaps) to retain their legacy \nstatus in the event that they are amended to replace an interbank \noffered rate (IBOR) or other discontinued rate, repeal the inter-\naffiliate initial margin provisions, introduce an additional compliance \ndate for initial margin requirements, clarify the point in time at \nwhich trading documentation must be in place, permit legacy swaps to \nretain their legacy status in the event that they are amended due to \ntechnical amendments, notional reductions, or portfolio compression \nexercises, and make technical changes to relocate the provision \naddressing amendments to legacy swaps that are made to comply with the \nQualified Financial Contract Rules, as defined in the Supplementary \nInformation section.", "agencyId": "OCC", "program": null, "shortTitle": null, "subType2": null, "title": "Margin and Capital Requirements for Covered Swap Entities ", "generic": null, "field1": null, "docketType": "Rulemaking", "petitionNbr": null, "rin": "1557-AE69", "organization": null, "legacyId": null, "subType": null, "category": null, "field2": null, "effectiveDate": null, "objectId": "0b00006483eefb0b"} single_get

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