In a joint statement, the FRB and the OCC said they will not recommend enforcement action against swap dealers that are parties to certain legacy swaps in connection with the UK's departure from the EU.
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The OCC, Federal Reserve Board, FDIC, Farm Credit Association, and Federal Housing Finance Agency jointly adopted an interim final rule to delay the compliance dates for initial margin requirements.
The FDIC adopted a series of amendments to its swap margin rules, including for LIBOR transition, inter-affiliate initial margin and the extension of compliance dates.
The Basel Committee on Bank Supervision and IOSCO deferred the final implementation phases of initial margin requirements for uncleared derivatives.
Industry associations urged the Basel Committee on Bank Supervision and IOSCO to publicly recommend an extension of the implementation deadlines for the Phase 5 and Phase 6 initial margin requirements for uncleared derivatives.