Featured Product

    FDIC Amends Recordkeeping Rules for Qualified Financial Contracts

    July 31, 2017

    FDIC is amending the recordkeeping requirements (12 CFR Part 371) for qualified financial contracts (QFCs). Under the regulation, insured depository institutions in a troubled condition are required to keep records related to the QFCs to which they are party. The effective date for the final rule is October 01, 2017.

    The final rule augments the scope of QFC records required to be maintained by an insured depository institution that is subject to the FDIC’s recordkeeping requirements and that has total consolidated assets equal to or greater than USD 50 billion or is a consolidated affiliate of a member of a corporate group, one or more members of which are subject to the QFC recordkeeping requirements set forth in the regulations adopted by the Department of the Treasury. For all other insured depository institutions subject to the FDIC’s QFC recordkeeping requirements, it adds and deletes a limited number of data requirements and makes certain formatting changes with respect to the QFC recordkeeping requirements; requires full scope entities to keep QFC records of certain of their subsidiaries; provides an exemption process; and includes certain other changes, including changes that provide additional time for certain insured depository institutions in a troubled condition to comply with the regulations.

     

    The changes to both the formatting and the quantity of information will enable the FDIC, as the receiver, to make better informed and efficient decisions on whether to transfer some or all of a failed insured depository institution’s QFCs during the one business-day stay period for the transfer of QFCs. This will help the FDIC achieve a least costly resolution. Overall, the final rule:

     

    Enhances and updates recordkeeping requirements as to QFCs of insured depository institutions in troubled condition to facilitate the orderly resolution of insured depository institutions with QFC portfolios

    Revises the format of records required to be maintained to provide more ready access to expanded QFC portfolio data

    Requires that more comprehensive information be maintained to facilitate the FDIC’s understanding of complex QFC portfolios of insured depository institutions in receivership


    Related Link: Federal Register Notice (PDF)  

    Effective Date: October 01, 2017

    Keywords: Americas, United States of America, Banking, Qualified Financial Contracts, Record Keeping Resolution, FDIC

    Related Articles
    News

    BCBS Consults on Revised Disclosures for Market Risk Framework

    BCBS launched a consultation on the revised disclosure requirements for the market risk framework for banks.

    November 14, 2019 WebPage Regulatory News
    News

    FSB Examines Implementation of Resolution Regimes in Financial Sector

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions and sets out plans for further work.

    November 14, 2019 WebPage Regulatory News
    News

    PRA Publishes Final Policy on Maintenance of TMTP Under Solvency II

    PRA published the policy statement (PS25/19) that contains the final supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTPs) under Solvency II.

    November 14, 2019 WebPage Regulatory News
    News

    BCBS Consults on Disclosure Templates of Sovereign Exposures of Banks

    BCBS published a consultation on the voluntary disclosure templates related to sovereign exposures of banks.

    November 14, 2019 WebPage Regulatory News
    News

    IAIS Adopts ComFrame, ICS, and Holistic Framework for Systemic Risk

    IAIS adopted a comprehensive set of reforms—Common Framework (ComFrame), Insurance Capital Standard (ICS) Version 2.0, and Holistic Framework for Systemic Risk—that will enable effective cross-border supervision of insurance groups and contribute to global financial stability.

    November 14, 2019 WebPage Regulatory News
    News

    PRA Publishes Templates for Statistical Disclosures Under Solvency II

    PRA published templates for statistical disclosures, as required under Article 31(2) of the Solvency II Directive.

    November 14, 2019 WebPage Regulatory News
    News

    FASB Proposes Improvements to Derivatives and Hedging Standard

    FASB proposed an Accounting Standards Update, on codification improvements to hedge accounting under Topic 815, to clarify certain sections of the 2017 hedge accounting standard (Update 2017-12).

    November 13, 2019 WebPage Regulatory News
    News

    FASB Approves Guidance to Assist in Transition to New Reference Rates

    FASB approved an Accounting Standards Update (Topic 848) to provide temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the reference rate reform on financial reporting.

    November 13, 2019 WebPage Regulatory News
    News

    BIS and MAS Launch Innovation Hub in Singapore

    BIS and MAS launched the BIS Innovation Hub Center in Singapore.

    November 13, 2019 WebPage Regulatory News
    News

    MAS and Industry to Create Framework for Adoption of Responsible AIDA

    MAS announced that it is working with financial industry partners to create a framework for financial institutions to promote the responsible adoption of Artificial Intelligence and Data Analytics (AIDA).

    November 13, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4142