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2017-11-29
article
Mandatory Contractual Stay Requirements for Qualified Financial Contracts
Part II
Rules and Regulations
D09002ee1c1740153
D09002ee1c17401bd
United States
Department of the Treasury
originator
org
United States Government Agency or Subagency
United States
Office of the Comptroller of the Currency
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org
United States Government Agency or Subagency
The OCC is adopting a final rule that adds a new part to its rules to enhance the resilience and the safety and soundness of federally chartered and licensed financial institutions by addressing concerns relating to the exercise of default rights of certain financial contracts that could interfere with the orderly resolution of certain systemically important financial firms. Under the final rule, a covered bank is required to ensure that a covered qualified financial contract contains a contractual stay-and-transfer provision analogous to the statutory stay-and-transfer provision imposed under Title II of the Dodd-Frank, Wall Street Reform and Consumer Protection Act and in the Federal Deposit Insurance Act, and limits the exercise of default rights based on the insolvency of an affiliate of the covered bank. In addition, this final rule makes conforming amendments to the Capital Adequacy Standards and the Liquidity Risk Measurement Standards in its regulations. The requirements of this final rule are substantively identical to those adopted in the final rules issued by the Board of Governors of the Federal Reserve System and by the Federal Deposit Insurance Corporation.
82 FR 56630
https://www.govinfo.gov/app/details/FR-2017-11-29/2017-25529
2017-25529
fr29no17-10
RIN 1557-AE05
4810-33-P
Docket ID OCC-2016-0009
https://www.govinfo.gov/app/details/FR-2017-11-29/2017-25529
https://www.govinfo.gov/content/pkg/FR-2017-11-29/html/2017-25529.htm
https://www.govinfo.gov/content/pkg/FR-2017-11-29/pdf/2017-25529.pdf
Administrative Practice and Procedure
Capital
Federal Savings Associations
National Banks
Reporting and Recordkeeping Requirements
Risk
Banks and Banking
Bank Resolution
Default Rights
Qualified Financial Contracts
Securities
Liquidity
Savings Associations
40 p.
56630
56669
82 FR 56630
Code of Federal Regulations
Title 12 Part 3
12 CFR Part 3
Code of Federal Regulations
Title 12 Part 47
12 CFR Part 47
Code of Federal Regulations
Title 12 Part 50
12 CFR Part 50
Regulation Identification Number 1557-AE05
RIN 1557-AE05
Mandatory Contractual Stay Requirements for Qualified Financial Contracts; Federal Register Vol. 82, Issue
RULE
2017-25529
II
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
2018-01-01
Docket ID OCC-2016-0009
4810-33-P
2017-25529
Final rule.
The OCC is adopting a final rule that adds a new part to its rules to enhance the resilience and the safety and soundness of federally chartered and licensed financial institutions by addressing concerns relating to the exercise of default rights of certain financial contracts that could interfere with the orderly resolution of certain systemically important financial firms. Under the final rule, a covered bank is required to ensure that a covered qualified financial contract contains a contractual stay-and-transfer provision analogous to the statutory stay-and-transfer provision imposed under Title II of the Dodd-Frank, Wall Street Reform and Consumer Protection Act and in the Federal Deposit Insurance Act, and limits the exercise of default rights based on the insolvency of an affiliate of the covered bank. In addition, this final rule makes conforming amendments to the Capital Adequacy Standards and the Liquidity Risk Measurement Standards in its regulations. The requirements of this final rule are substantively identical to those adopted in the final rules issued by the Board of Governors of the Federal Reserve System and by the Federal Deposit Insurance Corporation.
This final rule is effective on January 1, 2018.
Valerie Song, Assistant Director, Scott Burnett, Attorney, or Colby Mangels, Attorney, Bank Activities and Structure Division, (202) 649-5500; Allison Hester-Haddad, Counsel, or Ron Shimabukuro, Senior Counsel, Legislative and Regulatory Activities Division, (202) 649-6282, 400 7th Street SW., Washington, DC 20219.
Administrative Practice and Procedure
Capital
Federal Savings Associations
National Banks
Reporting and Recordkeeping Requirements
Risk
Banks and Banking
Bank Resolution
Default Rights
Qualified Financial Contracts
Securities
Liquidity
Savings Associations
Mandatory Contractual Stay Requirements for Qualified Financial Contracts
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prainfo@occ.treas.gov
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Federal Register
Vol. 82, no. 228
Office of the Federal Register, National Archives and Records Administration
2017-11-29
continuing
daily
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180 p.
Table of Contents:
AE 2.7:
GS 4.107:
AE 2.106:
KF70.A2
https://www.govinfo.gov/app/details/FR-2017-11-29
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https://www.govinfo.gov/app/details/FR-2017-11-29
https://www.govinfo.gov/content/pkg/FR-2017-11-29/pdf/FR-2017-11-29.pdf
https://www.govinfo.gov/content/pkg/FR-2017-11-29/xml/FR-2017-11-29.xml
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2017-11-29
2023-10-11
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