Final Rule

CFTC Final Rule on Review of Swaps for Mandatory Clearing

On July 19, pursuant to Sections 723(a)(3) and 745(b) of the Dodd-Frank Act, the CFTC adopted Regulation 39.5 establishing procedures for: (i) determining the eligibility of a derivatives clearing organization (DCO) to clear swaps; (ii) the submission of swaps by a DCO to the CFTC for a mandatory clearing determination; (iii) CFTC-initiated review of swaps; and (iv) staying a clearing requirement while the clearing of a swap is reviewed. The final rule will be effective 60 days after publication in the Federal Register. CFTC Fact Sheet. CFTC Final Rule.

Final Rule to Establish a Risk-Based Capital Floor

On June 14, the Fed, FDIC and OCC, consistent with Section 171 of the Dodd-Frank Act, adopted a final rule establishing a floor for the risk-based capital requirements applicable to the largest, internationally active banking organizations. The final rule will be effective 30 days after publication in the Federal Register. FDIC Release.

Fed Final Rule Implementing Volcker Rule

On February 9, the Fed approved a final rule, as required by the Dodd-Frank Act, implementing the conformance period during which banking entities and nonbank financial companies supervised by the Fed must bring their activities and investments into compliance with the Volcker Rule. The final rule will become effective on April 1. Fed Release. Final Rule.

FDIC Rule on Assessments, Dividends, Assessment Base, and Large Bank Pricing

On February 7, the FDIC approved a final rule on assessments, dividends, assessment base, and large bank pricing. The rule implements changes to the deposit insurance assessment system, as required by the Dodd-Frank Act, and revises the assessment system applicable to large banks to eliminate reliance on debt issuer ratings and make it more forward looking. FDIC Release.