Proposal to Change the Swap Margin Rules

Proposal to Change the Swap Margin Rules

59970 Proposed Rules Federal Register Vol. 84, No. 216 Thursday, November 7, 2019 This section of the FEDERAL REGISTER swap dealers under the agencies’ Regulations.gov Classic: Go to https:// contains notices to the public of the proposed respective jurisdictions to exchange www.regulations.gov/. Enter ‘‘Docket ID issuance of rules and regulations. The margin with their counterparties for OCC–2019–0023’’ in the Search Box and purpose of these notices is to give interested swaps that are not centrally cleared click ‘‘Search.’’ Click on ‘‘Comment persons an opportunity to participate in the (Swap Margin Rule). The Swap Margin Now’’ to submit public comments. For rule making prior to the adoption of the final rules. Rule as adopted in 2015 takes effect help with submitting effective under a phased compliance schedule comments please click on ‘‘View spanning from 2016 through 2020, and Commenter’s Checklist.’’ Click on the DEPARTMENT OF THE TREASURY the dealers covered by the rule continue ‘‘Help’’ tab on the Regulations.gov home to hold swaps in their portfolios that page to get information on using Office of the Comptroller of the were entered into before the effective Regulations.gov, including instructions Currency dates of the rule. Such swaps are for submitting public comments. grandfathered from the Swap Margin Regulations.gov Beta: Go to https:// 12 CFR Part 45 Rule’s requirements until they expire beta.regulations.gov/ or click ‘‘Visit according to their terms. The proposed New Regulations.gov Site’’ from the [Docket No. OCC–2019–0023] rule would permit swaps entered into Regulations.gov classic homepage. Enter RIN 1557–AE69 prior to an applicable compliance date ‘‘Docket ID OCC–2019–0023’’ in the (legacy swaps) to retain their legacy Search Box and click ‘‘Search.’’ Public FEDERAL RESERVE SYSTEM status in the event that they are comments can be submitted via the amended to replace an interbank offered ‘‘Comment’’ box below the displayed 12 CFR Part 237 rate (IBOR) or other discontinued rate, document information or click on the document title and click the [Docket No. R–1682] repeal the inter-affiliate initial margin provisions, introduce an additional ‘‘Comment’’ box on the top-left side of RIN 7100–AF62 compliance date for initial margin the screen. For help with submitting requirements, clarify the point in time at effective comments please click on FEDERAL DEPOSIT INSURANCE which trading documentation must be ‘‘Commenter’s Checklist.’’ For CORPORATION in place, permit legacy swaps to retain assistance with the Regulations.gov Beta their legacy status in the event that they site please call (877) 378–5457 (toll free) 12 CFR Part 349 are amended due to technical or (703) 454–9859 Monday–Friday, 9 RIN 3064–AF08 amendments, notional reductions, or a.m.–5 p.m. ET or email to regulations@ erulemakinghelpdesk.com. portfolio compression exercises, and • FARM CREDIT ADMINISTRATION make technical changes to relocate the Email: regs.comments@ occ.treas.gov. provision addressing amendments to • Mail: Chief Counsel’s Office, 12 CFR Part 624 legacy swaps that are made to comply Attention: Comment Processing, Office RIN 3052–AD38 with the Qualified Financial Contract of the Comptroller of the Currency, 400 Rules, as defined in the Supplementary 7th Street SW, Suite 3E–218, FEDERAL HOUSING FINANCE Information section. Washington, DC 20219. AGENCY DATES: Comments should be received on • Hand Delivery/Courier: 400 7th or before December 9, 2019. Street SW, Suite 3E–218, Washington, 12 CFR Part 1221 ADDRESSES: Interested parties are DC 20219. • Fax: (571) 465–4326. RIN 2590–AB03 encouraged to submit written comments Instructions: You must include jointly to all of the agencies. ‘‘OCC’’ as the agency name and ‘‘Docket Margin and Capital Requirements for Commenters are encouraged to use the Covered Swap Entities ID OCC–2019–0023’’ in your comment. title ‘‘Margin and Capital Requirements In general, the OCC will enter all AGENCY: Office of the Comptroller of the for Covered Swap Entities’’ to facilitate comments received into the docket and Currency, Treasury (OCC); Board of the organization and distribution of publish the comments on the Governors of the Federal Reserve comments among the agencies. Regulations.gov website without System (Board); Federal Deposit OCC: You may submit comments to change, including any business or Insurance Corporation (FDIC); Farm the OCC by any of the methods set forth personal information that you provide Credit Administration (FCA); and the below. Commenters are encouraged to such as name and address information, Federal Housing Finance Agency submit comments through the Federal email addresses, or phone numbers. (FHFA). eRulemaking Portal or email, if possible. Comments received, including Please use the title ‘‘Margin and Capital ACTION: Proposed rule and request for attachments and other supporting comment. Requirements for Covered Swap materials, are part of the public record Entities’’ to facilitate the organization and subject to public disclosure. Do not SUMMARY: The OCC, Board, FDIC, FCA, and distribution of the comments. You include any information in your and FHFA (each, an agency, and may submit comments by any of the comment or supporting materials that collectively, the agencies) request following methods: you consider confidential or comment on a proposed rule that would • Federal eRulemaking Portal— inappropriate for public disclosure. amend the agencies’ regulations that Regulations.gov Classic or You may review comments and other require swap dealers and security-based Regulations.gov Beta related materials that pertain to this VerDate Sep<11>2014 17:23 Nov 06, 2019 Jkt 250001 PO 00000 Frm 00001 Fmt 4702 Sfmt 4702 E:\FR\FM\07NOP1.SGM 07NOP1 Federal Register / Vol. 84, No. 216 / Thursday, November 7, 2019 / Proposed Rules 59971 rulemaking action by any of the • Email: regs.comments@ near the top of the page; select following methods: federalreserve.gov. Include the docket ‘‘comment on a pending regulation’’ • Viewing Comments Electronically— number and RIN number in the subject from the dropdown menu; and click Regulations.gov Classic or line of the message. ‘‘Go.’’ This takes you to an electronic Regulations.gov Beta • Fax: (202) 452–3819. public comment form. • Regulations.gov Classic: Go to https:// Mail: Address to Ann E. Misback, • Federal eRulemaking Portal: http:// www.regulations.gov/. Enter ‘‘Docket ID Secretary, Board of Governors of the www.regulations.gov. Follow the OCC–2019–0023’’ in the Search box and Federal Reserve System, 20th Street and instructions for submitting comments. • click ‘‘Search.’’ Click on ‘‘Open Docket Constitution Avenue NW, Washington, Mail: Barry F. Mardock, Deputy Folder’’ on the right side of the screen. DC 20551. Director, Office of Regulatory Policy, Comments and supporting materials can All public comments are available Farm Credit Administration, 1501 Farm be viewed and filtered by clicking on from the Board’s website at http:// Credit Drive, McLean, VA 22102–5090. ‘‘View all documents and comments in www.federalreserve.gov/generalinfo/ You may review copies of all this docket’’ and then using the filtering foia/ProposedRegs.cfm as submitted, comments we receive at our office in tools on the left side of the screen. Click unless modified for technical reasons or McLean, Virginia or on our website at on the ‘‘Help’’ tab on the to remove personally identifiable http://www.fca.gov. Once you are on the Regulations.gov home page to get information at the commenter’s request. website, click inside the ‘‘I want to . information on using Regulations.gov. Accordingly, comments will not be . .’’ field near the top of the page; The docket may be viewed after the edited to remove any identifying or select ‘‘find comments on a pending regulation’’ from the dropdown menu; close of the comment period in the same contact information. Public comments and click ‘‘Go.’’ This will take you to the manner as during the comment period. may also be viewed electronically or in Comment Letters page where you can Regulations.gov Beta: Go to https:// paper in Room 146, 1709 New York select the regulation for which you beta.regulations.gov/ or click ‘‘Visit Avenue NW, Washington, DC 20006 would like to read the public comments. New Regulations.gov Site’’ from the between 9:00 a.m. and 5:00 p.m. on We will show your comments as Regulations.gov classic homepage. Enter weekdays. submitted, including any supporting ‘‘Docket ID OCC–2019–0023’’ in the FDIC: You may submit comments, data provided, but for technical reasons Search Box and click ‘‘Search.’’ Click on identified by RIN 3064–AF08, by any of we may omit items such as logos and the ‘‘Comments’’ tab. Comments can be the following methods: • Agency Website: https:// special characters. Identifying viewed and filtered by clicking on the www.FDIC.gov/regulations/laws/federal. information that you provide, such as ‘‘Sort By’’ drop-down on the right side • Mail: Robert E. Feldman, Executive phone numbers and addresses, will be of the screen or the ‘‘Refine Results’’ Secretary, Attention: Comments/Legal publicly available. However, we will options on the left side of the screen. ESS, Federal Deposit Insurance attempt to remove email addresses to Supporting Materials can be viewed by Corporation, 550 17th Street NW, help reduce internet spam. clicking on the ‘‘Documents’’ tab and Washington, DC 20429. FHFA: You may submit your written filtered by clicking on the ‘‘Sort By’’ • Hand Delivered/Courier: The guard comments on the proposed rulemaking, drop-down on the right side of the station at the rear of the 550 17th Street identified by regulatory information screen or the ‘‘Refine Results’’ options Building (located on F Street) on number: (RIN) 2590–AB03, by any one on the left side of the screen. For business days between 7:00 a.m. and of the following methods: assistance with the Regulations.gov Beta 5:00 p.m.

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