Federal Register: FSOC Adopts Final Rules On QFC Recordkeeping

The Secretary of the Treasury, as Chair of the Financial Stability Oversight Council ("FSOC"), adopted final rules to implement the qualified financial contract ("QFC") recordkeeping requirements of the Dodd-Frank Act. The final rules were published in the Federal Register.

The proposed rules provide information intended to assist the FDIC, acting as a receiver, to (i) decide whether to transfer QFCs; (ii) assess the consequences of decisions to transfer, disaffirm or repudiate, or to allow the termination of, QFCs with one or more counterparties; and (iii) determine whether any financial systemic risks are posed by the transfer, disaffirmance or repudiation, or termination of such QFCs.