OCC News: Agencies Adopt Interim Final Rule to Facilitate Transfers of Legacy Swaps

16Mar - by Editor - 0 - In STL.News

WASHINGTON (STL.News) – Five federal agencies today acted to ensure that qualifying swaps may be transferred from a United Kingdom (UK) entity to an affiliate in the European Union (EU) or the United States without triggering new margin requirements. The action is in response to the possibility of a non-negotiated withdrawal of the UK from the EU. This action applies to legacy swaps that were entered into before applicable regulatory margin requirements took effect and is generally consistent with similar relief contemplated by international jurisdictions.

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