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November 27, 2012

SIFMA submitted a letter, dated November 26, 2012, to the various U.S. banking regulators to which SIFMA appended a prior letter, dated September 28, 2012, to the Basel banking regulators, in each case concerning margin requirements. The very short letter to the U.S. banking regulators thanks the banking regulators for reopening the comment period on the banking regulators' margin rule for swaps and also asked that, if the banking regulators materially amend their proposed margin rules for swaps, that the revised rule be reissued as a proposal for public comment, rather than being simply

March 06, 2013

SIFMA released a statement from Kenneth E. Bentsen, Jr., acting president and CEO, after legislation was introduced to amend Dodd-Frank Section 716 ("Prohibition against Federal Government bailouts of swaps entities"), which would force financial institutions to "push-out" their derivatives operations from banks into a separate entity. The Swaps Regulatory Improvement Act (numbered as HR 992 and S 474) was introduced in both houses of Congress by Senator Kay Hagan (D-NC) and Representative Randy Hultgren (R-IL). The bill also has a number of co-sponsors. In the statement, Bentsen asserted that

March 21, 2013

The House Agriculture Committee approved seven legislative proposals amending Dodd-Frank Title VII. All but one of the bills advanced on a voice vote; the Swaps Regulatory Improvement Act (H.R. 992) was approved by a vote of 31-14. H.R. 634, the Business Risk Mitigation and Price Stabilization Act, allows end users to use derivatives for hedging without being subject to margin requirements. H.R. 677, the Inter-Affiliate Swap Clarification Act, provides that certain transactions between affiliates within a single corporate group are not regulated as swaps, subject to a variety of conditions

June 05, 2013
Commentary by Scott Cammarn

On June 5, 2013, the Board of Governors of the Federal Reserve System issued an Interim Rule under Section 716 of the Dodd-Frank Act (commonly known as the "Lincoln Amendment"). The Lincoln Amendment generally restricts certain swaps dealing activities by banking institutions that have access to Federal Reserve advances or that are FDIC-insured, albeit with some limited exceptions that were generally available only to "insured depository institutions", which phrase arguably did not encompass many U.S. branches of non-U.S. banks. The Interim Rule deems uninsured U.S. branches of foreign banks

June 13, 2013
Commentary by Scott Cammarn

The Office of the Comptroller of the Currency ("OCC") issued identical letters to seven national banks approving their requests for a 24-month transition period under Section 716 of the Dodd-Frank Act (commonly known as the "Lincoln Amendment"). The letters, which track the statutory language of Section 716, allow the banks additional time under the transition period to cease or divest their swaps activities after the effective date of the Lincoln Amendment on July 16, 2013. Letters: Bank of America; Citibank; Wells Fargo; HSBC; JPMC; Morgan Stanley; U.S. Bank. Related News Items: FRB Provides