Featured Product

    US Treasury Extends Compliance Dates for QFC Recordkeeping Requirement

    April 23, 2018

    The U.S. Department of the Treasury is adopting a final rule that extends the compliance dates of the regulation implementing the qualified financial contract (QFC) recordkeeping requirements related to Orderly Liquidation Authority under the Dodd-Frank Act. The final rule is effective from May 23, 2018.

    The regulation currently provides for staggered compliance dates for the bulk of the recordkeeping requirements as follows. The regulation generally provides that:

    • Records entities with USD 1 trillion or more in total consolidated assets have 540 days (approximately 18 months) after the effective date to comply with the regulation
    • Records entities with total assets equal to or greater than USD 500 billion (but less than USD 1 trillion) have two years from the effective date to comply with the regulation
    • Records entities with total assets equal to or greater than USD 250 billion (but less than USD 500 billion) have three years from the effective date to comply with the regulation
    • All other records entities have four years from the effective date to comply with the regulation

    Given that the effective date is December 30, 2016, the first of these compliance dates is currently June 23, 2018. This final rule amends the regulations to extend the compliance date by approximately nine months for records entities in the first compliance tier. Based on the substantive comment received in response to the proposed rule, it is believed that this extension will allow sufficient time for such records entities to comply with the rule after determinations have been made with respect to the exemption requests. Additionally, it has determined to extend the compliance dates for all other records entities by six months, as was proposed.

     

    Related Link: Final Rule

    Effective Date: May 23, 2018

    Keywords: Americas, US, Banking, Securities, QFC, Recordkeeping, Dodd Frank Act, OLA, US Treasury

    Related Articles
    News

    APRA Consults on Standard for Reporting of COVID-19 Loans

    APRA issued a letter to authorized deposit-taking institutions announcing its intent to formalize the capital measures and reporting requirements for COVID-19 loans through temporary legislative instruments.

    August 13, 2020 WebPage Regulatory News
    News

    EBA Consults Industry on Use and Uptake of Regtech Solutions Across EU

    EBA is inviting relevant stakeholders, such as financial institutions and information and communication technology (ICT) third-party providers, to share their views and experience on the use of regtech solutions through its regtech industry survey.

    August 12, 2020 WebPage Regulatory News
    News

    FCA Finalizes Guidance to Extend Measures for Insurers Amid COVID

    FCA finalized the guidance extending measures to help customers that hold insurance and premium finance products and are in temporary financial difficulty because of COVID-19 crisis.

    August 12, 2020 WebPage Regulatory News
    News

    BoE Clarifies Approach to Treatment of Payment Holidays on Form PL

    BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.

    August 11, 2020 WebPage Regulatory News
    News

    FASB to Conduct Post-Implementation Review of CECL Standard

    FASB announced the launch of its new Post-Implementation Review (PIR) web portal.

    August 11, 2020 WebPage Regulatory News
    News

    EBA Guidance on Impact of CRR Quick-Fix on Reporting and Disclosures

    EBA revised the draft implementing technical standards on supervisory reporting as part of the reporting framework 3.0.

    August 11, 2020 WebPage Regulatory News
    News

    ECB Examines ICAAP Practices of Banks in EU

    ECB published report that presents a summary of the analysis conducted on the internal capital adequacy assessment process (ICAAP) practices of a sample of 37 "significant" banks.

    August 11, 2020 WebPage Regulatory News
    News

    EC Proposes to Amend Rules for Financial Benchmarks

    EC published a proposal for a regulation that amends the Benchmarks Regulation (2016/1011) regarding the exemption of certain third-country foreign-exchange benchmarks and the designation of replacement benchmarks for certain benchmarks in cessation.

    August 11, 2020 WebPage Regulatory News
    News

    PRA Suspends Relevant Guidance Levels on Fixed Rate Lending Limits

    PRA published a letter from Mel Beaman, the Director for UK Deposit Takers, to suspend the relevant guidance levels on fixed rate lending limits in the “Specialist Sourcebook” for an initial period of six months, running from August 01, 2020 to January 31, 2021.

    August 11, 2020 WebPage Regulatory News
    News

    BoE Provides Reporting Update on Form AS and Form FV

    BoE updated the known issues document for the statistical reporting Forms AS and FV.

    August 10, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5671