§ 50.78. Swaps entered into by bank holding companies.
166 words·~1 min read·
/us/cfr/t17/s§ 50.78·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)For purposes of this section, the term bank holding company means an entity that is organized as a bank holding company, as defined in section 2 of the Bank Holding Company Act of 1956.
(b)A swap entered into by a bank holding company shall not be subject to the clearing requirement of section 2(h)(1)(A) of the Act and this part if:
(1)The bank holding company has aggregated assets, including the assets of all of its subsidiaries, that do not exceed \$10,000,000,000 according to the value of assets of each subsidiary on the last day of each subsidiary's most recent fiscal year;
(2)One of the counterparties to the swap reports the swap to a swap data repository pursuant to §§ 45.3 and 45.4 of this chapter, and reports all information as provided in paragraph
(b)of § 50.50 to a swap data repository; and
(3)The swap is used to hedge or mitigate commercial risk as provided in paragraph
(c)of § 50.50.