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Wednesday, October 3, 2012

Federal Register Update: Agencies Reopened Comment Periods

The CFTC and SEC have reopened the comment period on a study to determine whether stable value contracts fall within the definition of a swap. The original comment period ended on September 26, 2011. Given recent regulatory developments adopting final rules further defining the terms "swap" and "security-based swap," the comment period is reopened for 30 days—until November 1, 2012—for the limited purpose of soliciting comments regarding the impact of the recent final rules on the question regarding stable value contracts and swaps.

Comments are due November 1, 2012.
Read more.

The OCC, Federal Reserve Board, FDIC, Farm Credit Administration (FCA), and Federal Housing Finance Agency (FHFA) have reopened the comment period on a proposal to establish minimum margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants for which one of the Agencies is the prudential regulator.

The proposed rule takes into account the relative risk of a covered swap entity's activities in establishing both the minimum amount of initial and variation margin that it must collect from its counterparties and the frequency with which a covered swap entity must calculate and collect variation margin from its counterparty. It also requires a covered swap entity to comply with regulatory capital rules already made applicable to that covered swap entity as part of its prudential regulatory regime.

Comments are due by November 26, 2012.
Read more.

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