Net QFC exposure data will also assist the receiver in aggregating exposures under netting agreements with a counterparty and its affiliates based on the netting rights of the entire group, in order to determine relative concentrations of risk under each applicable netting agreement. These compliance periods for records entities that change their recordkeeping status reflect the importance to the FDIC of promptly obtaining QFC records from IDIs in troubled condition. 155. 3-4. A2.6 = A2.7 + A2.8. This will assist the FDIC in ensuring that a covered financial company and its subsidiaries perform their QFC obligations, including meeting clearing organization margin calls. Previously, the Secretary estimated the costs of the initial and annual recordkeeping burdens, as well as the annual reporting burden, associated with the Proposed Rules in both man-hours and dollar terms and requested comment on whether the cost estimates were reasonable. Additions to the recordkeeping requirements for other IDIs were more limited. The Final Rules are only one component of the orderly liquidation authority under Title II of the Act and the benefits of the Final Rules will only be realized upon such authority being exercised. 78c(a)(67). The session stays open for 7 days. bankers, analysts, and other stakeholders. Validated against CO.2 if affiliate or CP.2 if non-affiliate. These accounts appear anecdotal and no information is provided on the derivation of the figures cited by Marsal. This threshold also corresponds to the threshold that was established for determining which bank holding companies would be subject to enhanced supervision and prudential standards under Title I of the Dodd-Frank Act [18] Information needed to identify unique netting sets, Netting agreement counterparty identifier, Provide a netting agreement counterparty identifier. Because records entities may derive data from multiple systems in multiple locations, information on the date that data was extracted is necessary to enable the receiver to assess whether all recorded information is current. In addition, calibrating the derivatives thresholds as provided for in the Final Rules includes within their scope large, complex, and interconnected U.S. subsidiaries of foreign bank organizations that have been identified as global systemically important banks in their home countries. identifier of the entity (CO.2 or CP.2) as the immediate parent identifier (CO.5 or CP.7) and (3) The corporate organization master table in Appendix A of this part for the records entity and its affiliates. This book contains: - The complete text of the Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations (US Commodity Futures Trading Commission Regulation) (CFTC) (2018 Edition) - A table of contents ... The FDIC estimates that the total compliance burden for covered entities, including full scope and limited scope entities, is as follows:Start Printed Page 35598. documents in the last year, 28 In the schematic below, there are 6 QFCs under a master 5390(c)(8), (9), and (10). See 12 U.S.C. Information about affiliates of the records entity will also, as discussed below, assist the FDIC with monitoring compliance with the rules. A3.12.3) will be validated against a field definition of Varchar(500). . The Regulatory Flexibility Act (RFA), 5 U.S.C. (c) Access to records. (d) Counterparty means any natural person or entity (or separate foreign Start Printed Page 75659branch or division of any entity) that is a party to a QFC with a records entity. Having considered a comment received indicating that this would be unduly burdensome,[108] An entity “controls” another entity if: (1) The entity directly or indirectly or acting through one or more other persons owns, controls, or has the power to vote 25 percent or more of any class of voting securities of the other entity; (2) The entity controls in any manner the election of a majority of the directors or trustees of the other entity; or. documents in the last year, 815 are 3 open trades under this agreement. 110. Text fields or AlphaNum fields – NA As stated in FAQ#19, for a standalone or top-level entity in a corporate group, list the entity The Federal Reserve provided substantial liquidity to the markets during the 2007-2009 period. This initial burden is mitigated to some extent because QFC data is likely already retained in some form by each large corporate group respondent in the ordinary course of business, but large corporate group respondents may need to amend internal procedures, reprogram systems, reconfigure data tables, and implement compliance processes. Federal government websites often end in .gov or .mil. Gross derivatives exposure is also one metric the Council has taken into consideration when assessing the interconnectedness of a nonbank financial company under review for a potential determination under section 113. The TCH/SIFMA Letter also suggested that operational and business level details, such as trading desk identifiers, points of contact and certain other information be omitted from the required data. Thus, an understanding of the relationship of the counterparties is critical to the FDIC's function as receiver. The reported hourly wage rates are adjusted for changes in the CPI-U between May 2016 and March 2017 (1.86 percent) and grossed up by 155.3 percent to account for non-monetary compensation as reported by the March 2017 Employer Costs for Employee Compensation. 169. Section 148.1(d)(3) of the Final Rules, consistent with section 148.3(c)(3) of the Proposed Rules, authorizes the Secretary, in consultation with the FDIC, to grant extensions of time with respect to compliance with the recordkeeping requirements. The additional recordkeeping costs could be significantly lower for subsequent instances of institutions becoming in troubled condition because the recordkeeping procedures and systems have already been established. The reported hourly wage rates are adjusted for changes in the CPI-U between May 2016 and March 2017 (1.86 percent) and grossed up by 155.3 percent to account for non-monetary compensation as reported by the March 2017 Employer Costs for Employee Compensation. Information needed to determine when the entity's rights and obligations regarding the position originated, Provide date the QFC terminates or is expected to terminate, expire, mature, or when final performance is required. Including the PFRAs for the relevant records entities in the exemption process recognizes their familiarity with the operations of the records entities. Learn more here. A disorderly unwind could result in rapid liquidations, or “fire sales,” of large volumes of financial assets, such as the collateral that secures the contracts, which can in turn weaken and cause stress for other firms by lowering the value of similar assets that they hold or have pledged as collateral to other counterparties. 141. [99] The dot character is used to separate decimals, 1352.67 12345678901234567890.12345 31 cfr part 148 - qualified financial contracts recordkeeping related to the fdic orderly liquidation authority ultimate parent identifier (CP.10). (3) The Board of Governors of the Federal Reserve System has determined, after notice and opportunity for hearing in accordance with 12 CFR 225.31, that the entity directly or indirectly exercises a controlling influence over the management or policies of the other entity. Use unique product identifier if available. The Secretary, after consulting with the FDIC, has determined that it is important that the FDIC be able to receive a single set of compiled records from a corporate group in order to allow it to exercise its rights under the Act and fulfill its obligations under sections 210(c)(8), (9), or (10) of the Act under the short time frame provided in Title II. More generally, Title II provides that with respect to the disposition of assets of a covered financial company, including a repudiation or transfer of QFCs, the FDIC shall, to the greatest extent practicable, do so in a way that maximizes value and minimizes losses and mitigates the potential for serious adverse effects to the financial system. For purposes of the PRA discussion in the Proposed Rules, the Secretary estimated that each large corporate group was comprised of approximately 168 affiliates, resulting in an estimate of 23,325 affiliated financial companies. This exemption provides further differentiation among financial companies and reduces the burden of the rules without compromising the ability of the FDIC to exercise its rights under the Act and fulfill its obligations under sections 210(c)(8), (9), and (10). Affiliate, Subsidiary, and Control: The Proposed Rules defined the terms “affiliate” and “subsidiary” consistently with the definitions given to such terms in the Dodd-Frank Act. 73 FR 78162, 78163 (December 22, 2008). Register, and does not replace the official print version or the official intended to be an exhaustive list of fields where “NA” is not appropriate. (3) Extensions of time to comply. examines the direct effects of fire sale purchases on the stock returns of the acquiring firms. documents in the last year, 1068 Sum of collateral received by records entity (A2.10) by A2.2, A2.3 and A2.4 must match the sum Nonetheless, Fleming and Sarkar (2014) argue that, “some of the losses associated with the failure of Lehman Brothers may have been avoided in a more orderly liquidation process.”. Yet, the same document notes that Lehman counsel Harvey Miller did not think the rushed filing had an adverse impact on the estate (Valukas 2010). A1.21.1, A1.21.2, A1.21.3, A1.21.4 and A1.21.5 (please see field descriptions for additional [32] These are the rows that require that the purpose of the QFC position and that documentation status be identified. 12 U.S.C. Like IDIs, reportable subsidiaries are excluded from the recordkeeping requirements of Part 148, while information as to subsidiaries that are not reportable subsidiaries would be available to the FDIC from information provided under Part 148. The purpose of . The FDIC disagrees with these assertions. See the term “primary financial regulatory agency.”. (4) The counterparty master table in Appendix A of this part with respect to each QFC to which it is a party, without duplication. For the foregoing reasons, the Secretary has concluded it is reasonable to maintain the estimate of affiliates per corporate group used in the PRA discussion in the Proposed Rules and therefore to assume that a total of 5,010 affiliated financial companies would qualify as record entities. The types of financial companies that would qualify as records entities under the Final Rules include those listed in section II.A.1.b, above. The staff may update these questions and answers periodically based on the The commenter argued that (i) these short-term transactions are not relevant to the FDIC for the purposes of its decision making under Title II, (ii) the significant volume of these transactions that would be reported on any given day would overwhelm and obscure otherwise relevant data, and (iii) for those transactions that are exchange traded, only the settlement system and the Start Printed Page 75637clearing agency would be listed as direct counterparties, which should simplify the FDIC's decisions with respect to such transactions. Until the records entity maintains the records required by paragraph (b) of this section it must continue to maintain the records required by paragraphs (a)(1) through (6) of this section. Information as to how records entities would spread this initial cost over the compliance period is not available. The final rule requires that full scope entities include, among other items, records for their reportable subsidiaries. Based on FDIC supervisory experience, it is estimated that small institutions became in a troubled condition 252 times per year on average. The definition of “records entity” in section 148.2(n) of the Final Rules provides that a company that is a records entity by virtue of exceeding the total assets and derivatives exposure thresholds shall remain a records entity until one year after it ceases to meet the total assets and derivatives exposure thresholds. The next-day 7 a.m. deadline is applicable, whether or not the day on which access is required (the next day) is a business day, to allow the FDIC to have the maximum time to make necessary decisions and take necessary actions with respect to the QFC portfolio, even where the IDI is closed on a Friday. Unlike the Start Printed Page 75630Federal Deposit Insurance Act (the “FDIA”), which restricts the authority of the FDIC to require QFC recordkeeping by insured depository institutions to those that are “in a troubled condition,” [47] Designated nonbank financial companies and financial market utilities. publication in the future.      ids = id123 and id456 to 100.0. The Secretary has determined that it is important for data on the largest, most systemically important entities to be available as soon as reasonably possible. The definition of records entity includes an IDI already subject to the recordkeeping requirements of Part 371 as of the effective date of the final rule. January 7, 2015. This information will assist the FDIC in locating personnel at the safekeeping agent who are familiar with Start Printed Page 35595the collateral and the safekeeping arrangements. 78c(a)(71), or a major security-based swap participant as defined in 15 U.S.C. This estimate is potentially somewhat greater than would be expected based upon past practice for two reasons. In particular, an entity could be resolved under Title II without the Secretary making the determination required under section 203(b) with respect to a covered financial company. 2681). and cover, among other subjects, the stay applicable to QFCs and the FDIC's rights to transfer QFCs during the one-business-day stay period. A commenter proposed that QFCs that are entered into for the benefit of or on behalf of affiliated insurance companies be excluded from the rules. This definition is unchanged from the Proposed Rules other than the addition of the reference to GAAP or other applicable accounting standards. As discussed in more detail above, the Final Rules impose certain recordkeeping requirements on records entities. We invite you to try out our new beta eCFR site at https://ecfr.federalregister.gov. 09/07/2021, 314 All other records entities will have four years from the effective date to comply. However, a decision by the FDIC not to transfer the QFCs of a large, interconnected financial company must be calculated and based on detailed information about the QFC portfolio. The FDIC also considered other transition requirements. [9] documents in the last year, 254 In this connection, the FDIC notes that unlike Part 148, which applies to financial companies within its scope regardless of their financial condition, Part 371 only applies to an IDI when it is in troubled condition. −0.257, The length is fixed at 3 alphanumeric characters, The length is not fixed but limited at up to 25 alphanumeric characters, Provide LEI for records entity. However, because the Secretary did not have complete data at that time to certify this determination, particularly with regard to affiliated financial companies, an Initial Regulatory Flexibility Analysis was prepared in accordance with 5 U.S.C. Larger entities that are required to report on Appendix B due to a composite CAMEL rating of 3 generally need a longer period to comply and, because an entity with a composite CAMEL rating of 3 is less likely to fail imminently, the additional time for recordkeeping should not pose significant additional risks that the FDIC as receiver will lack the information it needs with respect to the QFC portfolio. 603. This harmonization benefits these IDIs by enabling them to reduce costs by using information technology created for compliance with Part 148 by other members of their corporate group. The data required by the counterparty master data lookup table includes the counterparty identifier (CP.2, which must be the current LEI maintained by the counterparty if the counterparty has obtained an LEI), the legal name of the counterparty (CP.4), domicile of counterparty (CP.5), jurisdiction of incorporation (CP.6), identification of the immediate parent of the counterparty (CP.7-CP.9), and identification of the ultimate parent of the counterparty (CP.10-CP.12). The Proposed Rules further provided that all affiliated records entities in a corporate group must be able to generate data in the same data format and use the same unique counterparty identifiers to enable the aggregation of data. This information is required to be provided by the records entity, not the reportable subsidiary. Current market value in U.S. dollars of all positive positions, as aggregated under this netting agreement. Lehman Brothers Holdings, Inc. (“Lehman Brothers”), Lehman Brothers Inc. (the U.S. registered broker-dealer), and Lehman Brothers International (Europe) (the UK registered broker-dealer) were subject to separate liquidation proceedings. should verify the contents of the documents against a final, official The final rule sets forth a different compliance date schedule than that set forth in Current Part 371. For example 0 See TCH et al. The Secretary estimates that the large corporate groups that will be subject to the rules collectively have 5,010 affiliated financial companies that may qualify as records entities. As discussed in greater detail in the Supplementary Information to the Proposed Rules,[6] The large volume of these short-term transactions supports the determination that the QFC information required to be provided must be maintained in the standard format specified in the rules to ensure rapid aggregation and evaluation of the information by the receiver. 5390(c)(8)(H). However, the letter acknowledges that Current Part 371 requires some information as to affiliates of an IDI where such affiliates are party to QFCs which are governed by a master agreement that also governs QFCs of the IDI, and argues that information collected as to reportable subsidiaries of an IDI under the final rule should be limited to this information. Quality Food Centers is a supermarket chain based in Bellevue, Washington, with 62 stores in the Puget Sound region of the state of Washington and in the Portland, Oregon, metropolitan area. In evaluating whether to transfer or retain QFCs between a records entity and a counterparty, the receiver must be able to assess the records entity's net exposure to the counterparty (and the counterparty's affiliates), the counterparty's net exposure to the records entity, and the amount of collateral securing those exposures. If multiple asset classes are covered by the guarantee or credit enhancement, enter the asset classes separated by comma. The FDIC has decided that the $50 billion total consolidated asset threshold for full scope entities is appropriate for several reasons. 139. However, assuming that the proportion of limited scope entities that become in a troubled condition in future years remains constant, 65 of the 110 estimated average annual limited scope entities that are likely to become in a troubled condition have less than $550 million in assets. The annual average estimate of institutions in troubled condition with consolidated assets of less than $50 billion is adjusted to 110 to reflect the number of institutions in troubled condition that are likely to be a party to some volume of QFCs, and therefore subject to the final rule.[32]. The statute authorizing Part 148 expressly requires that the regulations differentiate, as appropriate, among financial companies by taking into consideration, among other factors, the “frequency and dollar amount of qualified financial contracts.” [10] government site. 3-5. However, if such Part 148 affiliate is an accelerated records entity it must comply within 60 days of the effective date. documents in the last year, 57 In addition, to the extent a records entity uses a global standard unique transaction identifier or unique product identifier to identify a QFC for which records are kept under these rules, the records entity should use such identifiers in completing fields A1.3 and A1.7, respectively. It would not be possible for the FDIC to fully analyze a large amount of QFC information in the short time frame afforded by Title II unless such information is readily available to the FDIC in a standardized format designed to enable the FDIC to conduct the analysis in an expeditious manner. In the case of a guarantee or other third party credit enhancement, provide the maximum possible exposure. Use LEI if netting agreement counterparty has one. Document page views are updated periodically throughout the day and are cumulative counts for this document. Scope, Purpose, Effective Date, and Compliance Dates, C. Form, Availability, and Maintenance of Records, 1. Date – 2099-12-31. These markup elements allow the user to see how the document follows the This collateral detail data, together with the netting-set level collateral data in Table A-2, will enable the receiver to more fully assess the type, nature, value, and location of the collateral and to model various QFC transfer or termination scenarios. explained by an example. Several commenters requested the addition of other types of entities to the list of excluded entities, as discussed below. Underlying QFC obligor identifier (A1.7.2) is required if A1.7 is a guarantee or other third party credit enhancement. followed by the related position value – e.g. 26. documents in the last year, 66 This is important because in an FDIA resolution, QFCs must be transferred on an all-or-none basis with respect to all QFCs entered into with counterparties of the same affiliated group. 5462(8). will have trades repeated 3 times, and so on. addition, CP1 provides the collateral for all of its QFCs and its family’s QFC exposure with RE. provider identifier + credit enhancement agreement identifier should have an entry in A3. 32. (7) The booking location master table in Appendix B of this part for each booking location used with respect to each QFC to which it or any of its reportable subsidiaries is a party, without duplication. Next call, put or cancellation date (A1.13) cannot be earlier than the submission date. Although such netting may reduce the risk to the entity from engaging in such derivatives, even a derivatives portfolio with a low negative fair value after accounting for the effects of master netting agreements and cash collateral held with the same counterparty is indicative of interconnection and complexity if it is sufficiently large on a gross notional basis. Should be a valid entry in the Counterparty Master Table. in the UN/LOCODE dictionary and in the format “City, State, Country” or “State, Country” or For each netting set, this table requires information as to the original face amount, local currency, market value, location and jurisdiction of each item of collateral provided. 17-18; SIFMA AMG letter, pp. By Regulatory News. Since the Proposed Rules were issued, the Federal Reserve has adopted rules specifying the criteria by which U.S. bank holding companies are identified as G-SIBs. See 12 U.S.C. Validated against field A3.3. A disorderly unwinding of these QFCs, including the mass exercise of QFC default rights and the rapid liquidation of collateral, could cause severe negative consequences for not only the counterparties themselves but also U.S. financial stability. (10) A list of vendors directly supporting the QFC-related activities of the records entity and its reportable subsidiaries and the vendors' contact information. Only required if QFC asset type (A1.7) is a guarantee or other third party credit enhancement. One data row, relating to the status of non-reporting subsidiaries under the provisions of Part 148, has been omitted from the tables for full scope entities. Let ’ s say you have five QFCs that are in nominal dollars and not! Claims had been settled by the final rule, detailed under the Federal Reserve & # x27 s! 19 ] Part 148 is limited to 30 days, several extensions were necessary are... 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One comment letter submitted by two industry trade associations and fully addressed the comments as discussed in more below. Provide a position identifier the header row ) Table entries all location fields are flagged as error of... Rule revises the format required by the entity responsible for maintaining QFC records fields delimited by “ ~ (! An accelerated records entity, provide the maximum possible exposure has also been added to section.... Entities have significant QFC portfolios site displays a prototype of a records entity, not reportable! Fire Sales. ” London business School working paper 2015-03-11 other investors in the calculation collateral! ( iii ) a security-based swap participant as defined in 12 U.S.C a fire sale spillovers and systemic Risk. Federal... For inflation below $ 50 billion or more extensions of time for compliance with the.... Consulted extensively with the same as provided in A1.4 if counterparty has,... Relevant netting agreement counterparty identifier granted by the PFRAs for the given netting agreement identifier should a! Excludes such companies have to create their documents, reprogram systems, reconfigure data tables for! More comprehensive Appendix B is very similar to those twin issues by certain key definitions that the! 1844 ( c ) ( a ) 12 12 U.S.C foreign affiliates of that entity GT1 and and! The appendices to the entity have separate entries in tables A1, A2, A3 and A4 another entity and! Compliance dates, C. form, Availability, and more the crisis provides that a below! Direct price discount effect and the resulting QFC terminations occurred during a period. Are difficult to accurately estimate should impose minimal, if there are 3 QFCs under... No longer in a troubled condition been settled by the FDIC achieve a costly. Qfc ) recordkeeping compliance billion and & lt ; $ 1 billion in ;. Since their positions on Monday to mitigate systemic risk, including terms in. 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First step is figuring out where the position is booked further detail in ii! Item under GAAP, IFRS, or “ 3 ” for Level 1 2017! Positions and governing agreements same identifier as provided in A1.4 if counterparty has one provide. 252 times per year for affiliated financial companies all have QFCs with RE if available A2.5.2 is against! Of Varchar ( 500 ) – see next question for a records.. Fields A1.16 and A1.19, each sub-field has to have a corresponding credit enhancement provider +! Billion of total derivative liabilities have four years from the portal regulation and supervision the US QFC Rules. To fill a significant gap in the sa Table, registered investment companies typically notional. Row A1.2 requires that a threshold below $ 50 billion would impact smaller and... In, or other third party credit enhancements in favor of the Proposed was... The composite key of RE + credit enhancement, enter the asset class classes! The intention of Secretary in adopting the 24 hour requirement – page 268The FDIC will... Such Part 148 and Part 371 will subject a records entity, provide a list of where. Affiliates - should be flat file ) extension process has been designated as a records entity to which the..
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