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Friday, March 30, 2012

Agencies Clarify Effective Date for Swaps Pushout Rule

The FDIC, OCC, and Federal Reserve have issued guidance clarifying that the effective date of section 716, the so-called Swaps Pushout provision, of the Dodd-Frank Act will be July 16, 2013. The guidance is being issued by the Agencies after receiving inquiries seeking clarification about the effective date.

Section 716 prohibits certain types of Federal assistance, such as discount window lending and deposit insurance, for certain uses to a swaps entity, subject to specified exceptions, with respect to its swap, security-based swap, or other activity.

Read the guidance.

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