Mayer Brown explains Prudential Regulators’ Adoption of Margin Rules for Swaps and Security-Based Swaps

On October 22, 2015, the OCC, the Board of Governors of the US Federal Reserve System, the FDIC, the Farm Credit Administration and the Federal Housing Finance Agency (collectively, the “Agencies”) adopted (i) a joint final rule1 to establish minimum margin requirements for registered swap dealers, major swap participants, security-based swap dealers and major security-based swap participants (collectively, “swap entities”) for which one of the Agencies is the prudential regulator2 (“covered swap entities” or “CSEs”) and (ii) a companion interim final rule3 (and request for comment) to implement margin exemptions added by the Terrorism Risk Insurance Program … Read more