interim final rule

Fed Interim Final Rule on Regulations for SLHCs

On August 12, the Fed issued an interim final rule establishing regulations for savings and loan holding companies (SLHCs) in connection with the transfer of supervision and regulation of SLHCs from the OTS to the Fed pursuant to Section 312 of the Dodd-Frank Act. The interim final rule will be effective upon publication in the Federal Register. Comments must be submitted by October 27. Fed Release. Interim Final Rule.

SEC Guidance, Relief, and Exemptions for Security-Based Swaps

On July 1, the SEC clarified which securities laws will apply to security-based swaps starting July 16, the effective date of Title VII of the Dodd-Frank Act. The SEC approved an order granting temporary relief and interpretive guidance clarifying that a substantial number of the Exchange Act requirements applicable to securities will not apply to security-based swaps when the revised definition of “security” goes into effect on July 16. Comments on the order must be submitted by July 15. The SEC also approved an interim final rule giving exemptions from the Securities Act, Trust Indenture Act, and other federal securities laws to allow certain security-based swaps to continue to trade and be cleared as they have before the enactment of the Dodd-Frank Act. Comments on the interim final rule must be submitted 45 days after it is posted on the website. SEC Release. Exemptive Order. Interim Final Rule.

FDIC Interim Final Rule on Orderly Liquidation Authority

On January 18, the FDIC approved an interim final rule clarifying how it will treat certain creditor claims under the new orderly liquidation authority established under the Dodd-Frank Act. This interim final rule differs from the related Notice of Proposed Rulemaking by clarifying the standard for collateral valuations and the treatment of contingent claims. FDIC Release. FDIC Rule.

FDIC Securitization Safe Harbor

On November 12, the FDIC approved an interim final rule extending the safe harbor of Section 360.6(b) until March 31, 2010 for securitizations and participations that will lose the sale accounting treatment required by that rule because of recent changes to GAAP (FAS 166/167). All securitizations and participations issued on or before March 31, 2010 (including securitizations by revolving trusts issued on or before March 31, 2010) will fall under the safe harbor so long as the securitizations or participations would satisfy the conditions for sale accounting treatment under GAAP as in effect prior to November 15, 2009, and would otherwise comply with existing Section 360.6. The FDIC intends to publish in December a Notice of Proposed Rulemaking to further amend Section 360.6 regarding the treatment of securitizations and participations issued after March 31, 2010 and in the interim will consult with appropriate regulators to solicit feedback on the proposal. Comments are requested within 45 days of publication of the rule in the Federal Register. FDIC Rule. FDIC Memorandum.