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Financial Institution Letter

Interagency Webinar

Revisions to the Framework for Margin Requirements for Non-Centrally Cleared Derivatives
July 22, 2019
Notes
 

Summary:

The FDIC, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency are jointly hosting a webinar on revisions to the framework for margin requirements for non-centrally cleared derivatives that have been adopted by the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO). The webinar is scheduled for July 24, 2019, at 2:00 p.m. Eastern Daylight Time (EDT).

Statement of Applicability to Institutions with Total Assets Under $1 Billion: This Financial Institution Letter applies to all FDIC-supervised institutions; however, the webinar is targeted at community bankers who engage in non-centrally cleared derivatives with covered swap entities subject to margin requirements.

Highlights:

 

  • An interagency webinar will be held on July 24, 2019, from 2:00 p.m. to 3:00 p.m. EDT, to describe legal documentation standards, custodial readiness, and testing for systems related to the $50 million initial margin threshold.
  • Consistent with the March 5, 2019 BCBS and IOSCO press release, the agencies will clarify that banking institutions with total initial margin obligations below $50 million are not required by the agencies' margin requirements to complete documentation, custodial and operational arrangements, or exchange initial margin.
  • Officers and employees of all insured depository institutions subject to margin requirements are invited to participate in this event. There is no charge for the webinar, but advance registration is required.
  • Procedures for registering for the webinar are available at: www.askthefed.org . Please complete your registration by July 23, 2019.
  • Participants may email questions in advance of the webinar to rapid@stls.frb.org .

Suggested Distribution:

  • FDIC-Supervised Institutions

Suggested Routing:

  • Chief Executive Officer
  • Chief Financial Officer
  • Treasurer

Paper copies may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).

FIL-42-2019
Attachment(s)
Margin and Capital Requirements for Covered Swap Entities, FIL-61-2015
BCBS/IOSCO statement on the final implementation phases of the margin requirements for non-centrally cleared derivatives

Last Updated: July 22, 2019