2016 a Year of Change in Swap Collateral Documentation as U.S. Regulators Issue Final Margin Rules for Uncleared Swaps

In the last few months of 2015, U.S. regulators issued final margin rules that we expect will have far-reaching consequences for swap activity and documentation. On October 22, 2015, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Farm Credit Administration each approved the Joint Final Rules on Margin and Capital Requirements for Covered Swap Entities to establish margin requirements for uncleared swaps (joint final rules). The other two prudential regulators, the Board of Governors of the Federal Reserve System and the Federal Housing Finance Agency, adopted the joint final rules on October 30, 2015. Subsequently, on December 16, 2015, the Commodity Futures Trading Commission (CFTC) adopted final rules on Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants (CFTC final rules).

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