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Code · REGISTER · 2011-06-24 · Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC); Farm Credit Administration (FCA); and · Notices

Notices. Proposed rule; extension of comment period

1,168 words·~5 min read·/register/2011/06/24/2011-16004·

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BILLING CODE 4910-59-P 76 122 Friday, June 24, 2011 Proposed Rules DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency 12 CFR Parts 4, 5, 7, 8, 28, and 34 [Docket ID OCC-2011-0006] RIN 1557-AD41 Office of Thrift Supervision Integration; Dodd-Frank Act Implementation; Correction Correction In proposed rule document 2011-13887 appearing on page 32332 in the issue of Monday, June 6, 2011, make the following correction: In the second column, in the SUPPLEMENTARY INFORMATION section, in the first paragraph, in the tenth line, “ *regs.comments@occ.treas.gov”* should read “ *regs.comments@occ.gov”.* [FR Doc.
C1-2011-13887 Filed 6-23-11; 8:45 am] BILLING CODE 4810-33-P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency 12 CFR Part 45 [Docket No. OCC-2011-0008] RIN 1557-AD43 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 12 CFR Part 237 [Docket No. R-1415] RIN 7100 AD74 FEDERAL DEPOSIT INSURANCE CORPORATION 12 CFR Part 324 RIN 3064-AD79 FARM CREDIT ADMINISTRATION 12 CFR Part 624 RIN 3052-AC69 FEDERAL HOUSING FINANCE AGENCY 12 CFR Part 1221 RIN 2590-AA45 Margin and Capital Requirements For Covered Swap Entities AGENCY:
Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC); Farm Credit Administration (FCA); and the Federal Housing Finance Agency (FHFA). ACTION: Proposed rule; extension of comment period. SUMMARY: On May 11, 2011, the OCC, Board, FDIC, FCA, and FHFA (collectively, the Agencies) published in the **Federal Register** a joint notice of proposed rulemaking for public comment to establish minimum margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants for which one of the Agencies is the prudential regulator (the proposed rule).
Due to the complexity of the rulemaking, to allow parties more time to consider the impact of the proposed rule, and so that the comment period on the proposed rule will run concurrently with the comment period for similar margin and capital requirements proposed by the Commodity Futures Trading Commission, the Agencies have determined that an extension of the comment period until July 11, 2011 is appropriate. This action will allow interested persons additional time to analyze the proposed rules and prepare their comments.
DATES: Comments on the proposed rule must be received on or before July 11, 2011. ADDRESSES: You may submit comments by any of the methods identified in the proposed rule. Please submit your comments using only one method. FOR FURTHER INFORMATION CONTACT: *OCC:* Michael Sullivan, Director, Market RAD
(202)874-3978, Kurt Wilhelm, Director, Financial Markets Group
(202)874-4479, Jamey Basham, Assistant Director, Legislative and Regulatory Activities Division
(202)874-5090, or Ron Shimabukuro, Senior Counsel, Legislative and Regulatory Activities Division
(202)874-5090, Office of the Comptroller of the Currency, 250 E Street, SW., Washington, DC 20219. *Board:* Sean D. Campbell, Deputy Associate Director, Division of Research and Statistics,
(202)452-3761, Michael Gibson, Senior Associate Director, Division of Research and Statistics,
(202)452-2495, or Jeremy R. Newell, Senior Attorney, Legal Division,
(202)452-3239, Board of Governors of the Federal Reserve System, 20th and C Streets, NW., Washington, DC 20551. *FDIC:* Bobby R. Bean, Chief, Policy Section,
(202)898-6705, John Feid, Senior Capital Markets Specialist,
(202)898-8649, Division of Risk Management Supervision, Thomas F. Hearn, Counsel,
(202)898-6967, or Ryan K. Clougherty, Senior Attorney,
(202)898-3843, Legal Division, Federal Deposit Insurance Corporation, 550 17th Street, NW., Washington, DC 20429. *FHFA:* Robert Collender, Principal Policy Analyst, Office of Policy Analysis and Research, 202-343-1510, *Robert.Collender@fhfa.gov,* Peggy Balsawer, Assistant General Counsel, Office of General Counsel, 202-343-1529, *Peggy.Balsawer@fhfa.gov,* or James Carley, Senior Associate Director, Division of FHLBank Regulation, 202-408-2507, *James.Carley@fhfa.gov,* Federal Housing Finance Agency, Fourth Floor, 1700 G Street, NW., Washington, DC 20552. The telephone number for the Telecommunications Device for the Hearing Impaired is
(800)877-8339. *FCA:* William G. Dunn, Acting Associate Director, Finance and Capital Markets Team, Office of Regulatory Policy, Farm Credit Administration, McLean, VA 22102-5090,
(703)883-4414, TTY
(703)883-4434, Joseph T. Connor, Associate Director for Policy and Analysis, Office of Secondary Market Oversight, Farm Credit Administration, McLean, VA 22102-5090,
(703)883-4280, TTY
(703)883-4434, or Rebecca S. Orlich, Senior Counsel, Office of General Counsel, Farm Credit Administration, McLean, VA 22102-5090,
(703)883-4020, TTY
(703)883-4020. SUPPLEMENTARY INFORMATION: On May 11, 2011, the proposed rule was published in the **Federal Register** . 1 The proposed rule would establish minimum margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants for which one of the Agencies is the prudential regulator, as required under sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). 2 Sections 731 and 764 of the Dodd-Frank Act add a new section 4s to the Commodity Exchange Act and a new section 15F to the Securities Exchange Act of 1934, respectively, which require the registration and regulation of swap dealers and major swap participants and security-based swap dealers and major security-based swap participants (collectively, swap entities). For certain types of swap entities that are prudentially regulated by one of the Agencies, sections 731 and 764 of the Dodd-Frank Act require the Agencies to adopt rules jointly for swap entities under their respective jurisdictions imposing
(i)capital requirements and
(ii)initial and variation margin requirements on all non-cleared swaps and non-cleared security-based swaps. In recognition of the complexities of the rulemaking and the variety of considerations involved in its impact and implementation, the Agencies requested that commenters respond to numerous questions. The proposed rule stated that the public comment period would close on June 24, 2011. 3 1 *See* 76 FR 27564. 2 Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, 124 Stat. 1376 (2010). 3 *See id.* The Agencies have received requests from the public for an extension of the comment period. 4 The Agencies believe that it is important to allow parties more time to consider the impact of the proposed rule, and to extend the comment period on the proposed rule so that it will run concurrently with the comment period for similar margin and capital requirements proposed by the Commodity Futures Trading Commission. 5 Therefore, the Agencies are extending the deadline for submitting comments on the proposed rule from June 24, 2011 to July 11, 2011. 4 *See* comment letter to the OCC, Board, and FDIC from American Bankers Association *et al.* (June 17, 2011). 5 *See* 76 FR 23732; 76 FR 27621. Dated: June 21, 2011. Julie L. Williams, First Senior Deputy Comptroller and Chief Counsel. By order of the Board of Governors of the Federal Reserve System, acting through the Secretary under delegated authority, June 22, 2011. Jennifer J. Johnson, Secretary of the Board. Dated at Washington, DC, this 21 of June 2011. Federal Deposit Insurance Corporation. Robert E. Feldman, Executive Secretary. Dale L. Aultman Secretary, Farm Credit Administration Board. Dated: June 21, 2011. Stephen M. Cross, Deputy Director of the Division of Bank Regulation. By delegation, Federal Housing Finance Agency. [FR Doc. 2011-16004 Filed 6-23-11; 8:45 am]
Connections7 off-index
7 references not yet in our index
  • 12 CFR 45
  • 12 CFR 237
  • 12 CFR 324
  • 12 CFR 624
  • 12 CFR 1221
  • Pub. L. 111-203
  • 124 Stat. 1376
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Notices
Proposed rule; extension of comment period
Cite12 CFR 45
Cite12 CFR 237
Cite12 CFR 324
Cite12 CFR 624
Cite12 CFR 1221
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