Questions and Answers Concerning the Final Prudential Regulator Margin Rules for Non-Cleared Swaps

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BACKGROUND -

The five US prudential regulators for swaps (the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve, the Comptroller of the Currency, the Farm Credit Administration and the Federal Housing Finance Agency) have each adopted (1) a final margin rule, and (2) an interim final margin rule (collectively, the "Rules") that set mandatory margin requirements for swap dealers, security-based swap dealers, major swap participants and major security-based swap participants (each, a "Swap Entity" or "SE") that are regulated by those agencies with respect to swaps and security-based swaps that are not cleared with a derivatives clearing organization or clearing agency.[1] The Rules take the form of a common text that has been adopted by each regulator with changes specific to that regulator so that, for instance, the authority provisions, the definition of covered swap entity and relevant cross-references are different for each regulator.

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