U.S. "prudential regulators" adopted amendments to uncleared swap margin requirements. The amendments clarify that "legacy" swaps remain out of scope for margin rules if the trades are amended solely to comply with the new "QFC Rules."
The Secretary of the Treasury extended the compliance dates for regulations implementing qualified financial contract recordkeeping requirements for certain non-bank financial companies that may pose systemic risk.
The Secretary of the Treasury proposed extending the compliance date for regulations implementing qualified financial contract recordkeeping requirements of certain non-bank financial companies that may pose systemic risk.
The Board of Governors of the Federal Reserve System adopted a final rule that restricts cancellation rights for qualified financial contracts when a counterparty enters into bankruptcy or resolution proceedings.
Several trade associations submitted comment letters responding to the FDIC's proposed rulemaking to restrict the contractual provisions of qualified financial contracts entered into by certain FDIC-supervised institutions.
The Office of the Comptroller of the Currency requested comment on a proposal concerning the exercise of default rights of certain financial contracts that could interfere with the orderly resolution of certain systemically important financial firms.
The FDIC and the SEC proposed a rule to govern the orderly liquidation of "covered brokers-dealers," or large broker-dealers that are subject to liquidation under Title II of the Dodd-Frank Act and not dissolution under the Securities Investor Protection Act ("SIPA").
The FDIC and the SEC proposed a rule to govern the orderly liquidation of "covered brokers-dealers," or large broker-dealers that are subject to liquidation under the Dodd-Frank Act and not dissolution under the Securities Investor Protection Act.
ISDA published the 2015 ISDA Universal Resolution Stay Protocol, which "enables parties to amend the terms of their Protocol Covered Agreements to contractually recognize the cross-border application of special resolution regimes applicable to certain financial companies and support the resolution of certain financial companies under the United States Bankruptcy Code." Several global trade associations contributed an annex to the revised protocols.
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