The Fed Issues Final Rule on Treatment of Uninsured U.S. Branches and Agencies of Foreign Banks Under Section 716 of Dodd-Frank

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On December 24, the Fed issued the final rule clarifying the treatment of uninsured U.S. branches and agencies of foreign banks under Section 716 of the Dodd-Frank Act. The final rule adopts the interim final rule issued on June 5, 2013. Section 716 prohibits the provision of certain types of federal assistance to swaps entities. Insured depository institutions that are swaps entities are eligible for a transition period of up to 24 months to comply and for certain statutory exceptions. The final rule clarifies that, for purposes of section 716, uninsured U.S. branches and agencies of foreign banks are treated as insured depository institutions. Release. Final Rule.

Topics:  Banks, Dodd-Frank, Federal Reserve, Foreign Banks, Swap Dealers, Swaps

Published In: Finance & Banking Updates, Insurance Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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