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SIFMA and the Institute of International Bankers ("IIB") asserted that the CFTC's proposal for the cross-border application of its margin requirements for uncleared swaps (the "proposal") would "undermine" the Basel Committee on Banking Supervision / IOSCO Framework for margin requirements. In a comment letter, SIFMA and the IIB criticized the CFTC's approach to "substituted compliance," and argued that the limited availability of substituted compliance in the proposal (i) is not necessary to mitigate risk to the United States and (ii) "would result in overlapping rules that deter cross-border

Commentary by Nihal Patel

Senator Elizabeth E. Warren (D-MA) and Representative Elijah E. Cummings (D-MD) urged CFTC Chair Timothy Massad and SEC Chair Mary Jo White to "act quickly to mitigate the risks posed by uncleared swap activities by imposing strong margin requirements for swaps between bank affiliates and other entities under your agencies' authority." In a recent letter, the two members of Congress argued that such changes are necessary, in part, to combat recent regulatory developments. These developments include: (i) amendments to the so-called "push-out" provisions in Section 716 of Dodd-Frank that would

Five federal agencies ("the Agencies") published interim and final rules on margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers and major security-based swap participants. The Office of the Comptroller of the Currency ("OCC"), the Board of Governors of the Federal Reserve System ("FRB"), the Federal Deposit Insurance Corporation ("FDIC"), the Farm Credit Administration ("FCA") and the Federal Housing Finance Agency ("FHFA") published the rules in the Federal Register. The final rule implements Dodd-Frank Sections 731 ("Registration

Commentary by Steven Lofchie

Representative Ed Perlmutter (D-CO) introduced the "Traditional Banking Regulatory Relief Act of 2015" in order to provide relief to "traditional banks" – "institutions that do not require extra regulatory scrutiny or pose a systemic risk to the economy" – based on the level of complexity and volume of activities of a given bank.