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Comments due: FDIC, Federal Reserve, OCC (swap margin rule)
The Federal Deposit Insurance Corp. (FDIC), Federal Reserve Board, and Office of the Comptroller of the Currency (OCC) request comment on a proposed rule that would amend the agencies’ regulations that require swap dealers and security-based swap dealers under the agencies’ respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (the swap margin rule). The proposed rule would revise the 2015 rule, which provides a phased compliance schedule spanning from 2016 through 2020. Under the 2015 rule, banks are required collect a set amount of collateral (called “initial margin”) in swaps transactions with their affiliates. The proposed rule would remove the requirement that a bank that is a dealer in derivatives collect initial margin from its affiliates. Federal Register notice