The Federal Reserve and The Office of the Comptroller of the Currency Clarified Position Re Potential Delay in Compliance with Swap Margin Requirements with March 1, 2017 Compliance Date
On February 22, 2017, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued a statement specifying its position regarding potential delayed compliance by covered swap entities prudentially regulated by the Federal Reserve with the variation margin requirements for uncleared swaps that will become applicable on March 1, 2017 (the “PR March 1 VM Requirements”). On February 23, 2017, The Office of the Comptroller of the Currency (“OCC”) issued a similar statement specifying its expectations for compliance with the PR March 1 VM Requirements by covered swap entities subject to OCC’s supervisory oversight.