{"abstract":"The OCC, Board, FDIC, FCA, and FHFA (each an Agency and, collectively, the Agencies) are adopting and inviting comment on an interim final rule amending the Agencies' regulations that require swap dealers, security-based swap dealers, major swap participants, and major security-based swap participants under the Agencies' respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (non-cleared swaps) (Swap Margin Rule). Under the Swap Margin Rule, as amended, initial margin requirements will take effect under a phased compliance schedule spanning from 2016 through 2020, and in a final rule published elsewhere in today's issue of the Federal Register, the Agencies have extended the phase-in period to 2021. Due to the COVID-19 pandemic, the Agencies are extending by one year the phases 5 and 6 implementation deadlines for initial margin requirements from September 1, 2020, to September 1, 2021 (for phase 5) and from September 1, 2021, to September 1, 2022 (for phase 6). The Agencies' objective is to give covered swap entities additional time to meet their initial margin requirements under the rule so as not to hamper any efforts underway to address exigent circumstances caused by COVID-19.","action":"Interim final rule and request for comment.","agencies":[{"raw_name":"DEPARTMENT OF THE TREASURY","name":"Treasury Department","id":497,"url":"https://www.federalregister.gov/agencies/treasury-department","json_url":"https://www.federalregister.gov/api/v1/agencies/497","parent_id":null,"slug":"treasury-department"},{"raw_name":"Office of the Comptroller of the Currency","name":"Comptroller of the Currency","id":80,"url":"https://www.federalregister.gov/agencies/comptroller-of-the-currency","json_url":"https://www.federalregister.gov/api/v1/agencies/80","parent_id":497,"slug":"comptroller-of-the-currency"},{"raw_name":"THE FEDERALRESERVE SYSTEM"},{"raw_name":"FEDERAL DEPOSIT INSURANCE CORPORATION","name":"Federal Deposit Insurance Corporation","id":164,"url":"https://www.federalregister.gov/agencies/federal-deposit-insurance-corporation","json_url":"https://www.federalregister.gov/api/v1/agencies/164","parent_id":null,"slug":"federal-deposit-insurance-corporation"},{"raw_name":"FARM CREDIT ADMINISTRATION","name":"Farm Credit Administration","id":154,"url":"https://www.federalregister.gov/agencies/farm-credit-administration","json_url":"https://www.federalregister.gov/api/v1/agencies/154","parent_id":null,"slug":"farm-credit-administration"},{"raw_name":"FEDERAL HOUSING FINANCE AGENCY","name":"Federal Housing Finance Agency","id":174,"url":"https://www.federalregister.gov/agencies/federal-housing-finance-agency","json_url":"https://www.federalregister.gov/api/v1/agencies/174","parent_id":null,"slug":"federal-housing-finance-agency"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2020/07/01/2020-14094.html","cfr_references":[{"chapter":null,"citation_url":null,"part":45,"title":12},{"chapter":null,"citation_url":null,"part":237,"title":12},{"chapter":null,"citation_url":null,"part":349,"title":12},{"chapter":null,"citation_url":null,"part":624,"title":12},{"chapter":null,"citation_url":null,"part":1221,"title":12}],"citation":"85 FR 39464","comment_url":null,"comments_close_on":"2020-08-31","correction_of":null,"corrections":[],"dates":"The interim final rule is effective September 1, 2020. Comments should be received on or before August 31, 2020.","disposition_notes":null,"docket_ids":["Docket No. OCC-2020-0027","Docket No. R-1721"],"dockets":[{"supporting_documents":[],"agency_name":"OCC","documents":[{"comment_count":2,"comment_start_date":"2020-07-01","updated_at":"2023-02-28T22:55:29.708-05:00","comment_url":"https://www.regulations.gov/commenton/OCC-2020-0027-0001","allow_late_comments":null,"id":"OCC-2020-0027-0001","comment_end_date":"2020-09-01","regulations_dot_gov_open_for_comment":false}],"supporting_documents_count":0,"id":"OCC-2020-0027","title":"Margin and Capital Requirements for Covered Swap Entities"}],"document_number":"2020-14094","effective_on":"2020-09-01","end_page":39470,"executive_order_notes":null,"executive_order_number":null,"explanation":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2020/07/01/2020-14094.xml","html_url":"https://www.federalregister.gov/documents/2020/07/01/2020-14094/margin-and-capital-requirements-for-covered-swap-entities","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/2020-14094?publication_date=2020-07-01","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2020-07-01/2020-14094/mods.xml","not_received_for_publication":null,"page_length":7,"page_views":{"count":2607,"last_updated":"2026-04-24 18:15:03 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2020-07-01/pdf/2020-14094.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2020-14094.pdf?1593521121","publication_date":"2020-07-01","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2020/07/01/2020-14094.txt","regulation_id_number_info":{"2590-AB03":{"issue":"202004","html_url":"https://www.federalregister.gov/regulations/2590-AB03/margin-and-capital-requirements-for-covered-swap-entities-libor-amendments-","title":"Margin and Capital Requirements for Covered Swap Entities (LIBOR Amendments)","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202004&RIN=2590-AB03&operation=OPERATION_EXPORT_XML","priority_category":"Other Significant"},"3052-AD34":{"issue":"202004","html_url":"https://www.federalregister.gov/regulations/3052-AD34/margin-and-capital-requirements-for-covered-swap-entities","title":"Margin & Capital Requirements for Covered Swap Entities","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202004&RIN=3052-AD34&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"},"3064-AF55":{"issue":"202010","html_url":"https://www.federalregister.gov/regulations/3064-AF55/margin-and-capital-requirements-for-covered-swap-entities","title":"Margin and Capital Requirements for Covered Swap Entities","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202010&RIN=3064-AF55&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"},"7100-AF92":{"issue":"202110","html_url":"https://www.federalregister.gov/regulations/7100-AF92/margin-and-capital-requirements-for-covered-swap-entities-docket-no-r-1721-","title":"Margin and Capital Requirements for Covered Swap Entities (Docket No: R-1721)","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202110&RIN=7100-AF92&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"},"1557-AE98":{"issue":"202104","html_url":"https://www.federalregister.gov/regulations/1557-AE98/margin-and-capital-requirements-for-covered-swap-entities-ifr","title":"Margin and Capital Requirements for Covered Swap Entities--IFR","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202104&RIN=1557-AE98&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"}},"regulation_id_numbers":["1557-AE98","2590-AB03","3052-AD34","3064-AF55","7100-AF92"],"regulations_dot_gov_info":{"comments_count":0,"agency_id":"FCA","document_id":"FCA-2020-0017-0001","checked_regulationsdotgov_at":"2023-03-01T03:55:27Z"},"regulations_dot_gov_url":null,"significant":true,"signing_date":null,"start_page":39464,"subtype":null,"title":"Margin and Capital Requirements for Covered Swap Entities","toc_doc":"Margin and Capital Requirements for Covered Swap Entities","toc_subject":null,"topics":["Accounting","Administrative practice and procedure","Agriculture","Cooperatives","Credit","Foreign banking","Government-sponsored enterprises","Holding companies","Mortgages","National banks","Reporting and recordkeeping requirements","Rural areas","Savings associations","Securities","Swaps"],"type":"Rule","volume":85}