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Release of Proposed Rules on Swap Capital and Margin Requirements Under Title VII of The Dodd-Frank Act
28 April 2011
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As required under the Dodd-Frank Act, the Federal Reserve, Federal Credit Administration, Federal Deposit Insurance Corporation, Federal Housing Finance Authority, and the Office of the Comptroller of the Currency have just released their proposed capital and margin rules with respect to swap dealers and major swap participants. The CFTC has also released its proposed margin rule applicable to swap dealers and major swap participants, for which there is no other prudential regulator.
Generally, the Agencies take the view that the current capital regimes in place for prudentially regulated swap dealers and major swap participants already account for swap activities. The CFTC has not released its proposed capital rule. With respect to margin requirements, the Agencies’ and CFTC’s proposed rules are conceptually consistent and would require varying margin collection requirements keyed to the swap dealer's or major swap participant's counterparty type.
Comments to the Agencies’ proposed rule are due by June 24, 2011. Comments to the CFTC's proposed rule are due by June 27, 2011.
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