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ARTICLE · 08 NOVEMBER 2019

Prudential Regulators Propose Amendments to Swap Margin Rules - 28 October 2019

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The Federal Reserve Board ("FRB"), Farm Credit Administration, Federal Housing Finance Agency and OCC (collectively, "the Agencies") proposed rule amendments governing margin requirements ...

United StatesFinance and Banking
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The Federal Reserve Board ("FRB"), Farm Credit Administration, Federal Housing Finance Agency and OCC (collectively, "the Agencies") proposed rule amendments governing margin requirements for uncleared swaps and security-based swaps. As previously covered, the FDIC approved the proposal in September.

The proposal would make five substantive changes to the margin rules: (i) removal of inter-affiliate initial margin, (ii) amendments to permit changes to "legacy" swaps relating to benchmarks, (iii) extension of the compliance period for initial margin, (iv) permission of non-material amendments to "legacy" transactions and (v) clarification regarding documentation requirements when initial margin is not exchanged due to the $50 million threshold.

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