Regulatory Alerts2019-11-07 | 2019-23541Margin and Capital Requirements for Covered Swap Entities
The OCC, Board of Governors of the Federal Reserve System, FDIC, FCA, and FHFA propose amendments to their Swap Margin Rule regulations governing non-centrally cleared swaps. The proposed rule would allow legacy swaps to retain their grandfathered status when amended to replace discontinued interbank offered rates or due to technical adjustments, notional reductions, and portfolio compression exercises. Additionally, the agencies seek to repeal inter-affiliate initial margin provisions, introduce an additional compliance date for initial margin requirements, and clarify timing requirements for trading documentation.
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