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August 29, 2018

CFTC unanimously approved a swap clearing requirement proposed rule that would reduce unnecessary burden on bank holding companies, savings and loan holding companies, and community development financial institutions. The deadline for submission of comments is 60 days after the proposals have been published in the Federal Register.

The proposal would exempt, from the clearing requirement, swaps entered into by bank holding companies and savings and loan holding companies with consolidated assets of USD 10 billion or less and community development financial institutions that meet certain conditions.  The proposed rule is consistent with a 2016 staff no-action letter that provides relief from the clearing requirement swaps entered into by bank holding companies and savings and loan holding companies with consolidated assets of USD 10 billion or less. The proposal is also consistent with a 2016 staff no-action letter that provides relief from the clearing requirement swaps entered into by community development financial institutions that are certified by the U.S. Department of Treasury, provided that such institutions only engage in swaps within specific product classes and meet certain other limitations related to the number of swaps executed per year and an aggregate notional value cap.

This proposal is a direct result of CFTC Chairman J. Christopher Giancarlo’s agency-wide Project KISS initiative, which asked for recommendations from the public to make existing CFTC regulations simpler, less burdensome, and less costly. Project KISS also included a review of all CFTC rules to reduce regulatory burdens and costs for participants in the markets the agency oversee. 

 

Related Link: Federal Register Notice

Comment Due Date: October 29, 2018

Keywords: Americas, US, Banking, Clearing Requirement, Swaps, Project KISS, CFTC

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