The US Banking Agencies 1 have issued the final Qualified Financial Contract ("QFC") Resolution Stay Regulations 2 ("US QFC Stay Rules") that are designed to improve the resolvability and resilience of US global systemically important organizations ("G-SIBs") and the US operations of foreign G-SIBs by mitigating the risk of destabilizing closeouts of QFCs upon an event of a G-SIBs insolvency. Qualified Financial Contracts (QFC) In order to assist the Federal Deposit Insurance Corporation (FDIC) in resolution of financial institutes that enter solvency, the U.S. Secretary of the Treasury issued Rule 148 which significantly expands impacted institutions and the depth of required recordkeeping. As part of these efforts, new stay rules are being implemented in the US that require counterparties to change agreements known as qualified financial contracts (QFCs) to temporarily waive – or stay – certain rights with failing GSIBs.

FREQUENTLY ASKED QUESTIONS. US Qualified Financial Contract. (QFC) Stay Rules. Why am I receiving these FAQs? As a BNY Mellon counterparty, you   establish new recordkeeping requirements for Qualified Financial Contracts (“ QFCs”). The NPR requires US  8 Mar 2017 2) Qualified Financial Contracts Recordkeeping Related to Orderly Liquidation Authority, Final Rule, 81 Fed. Reg. 75624 (Oct. 31, 2016). 21 Dec 2017 closeouts of qualified financial contracts (QFCs). ▫ QFCs include derivatives, repos, securities lending agreements and many other types of 

Recordkeeping Requirements Proposed. By: Suzanne Elio 1/6/2015 Treasury has published a notice of proposed rulemaking for Qualified Financial Contracts (QFCs) recordkeeping, which would require certain financial companies to maintain standardized records of contracts such as swap agreements and repurchase agreements. The proposed rule implements a portion of the Dodd-Frank Wall Street Reform

Qualified Financial Contracts Recordkeeping Rule. The U.S. Treasury recently finalized the Qualified Financial Contracts (QFC) recordkeeping rule. Most systemically important financial institutions (SIFI) impacted by this compliance requirement have been awaiting this final rule. As anticipated, the rule confirms the huge effort that firms will FDIC is amending the recordkeeping requirements (12 CFR Part 371) for qualified financial contracts (QFCs). Under the regulation, insured depository institutions in a troubled condition are required to keep records related to the QFCs to which they are party. For contracts with other financial counterparties that are not covered entities or small financial institutions, the deadline will be July 1, 2019. For contracts with small financial institutions and all other entities, the compliance deadline will be Jan. 1, 2020. Pre-existing QFCs must generally be conformed to the new standards if a covered The US Banking Agencies 1 have issued the final Qualified Financial Contract ("QFC") Resolution Stay Regulations 2 ("US QFC Stay Rules") that are designed to improve the resolvability and resilience of US global systemically important organizations ("G-SIBs") and the US operations of foreign G-SIBs by mitigating the risk of destabilizing closeouts of QFCs upon an event of a G-SIBs insolvency. Qualified Financial Contracts (QFC) In order to assist the Federal Deposit Insurance Corporation (FDIC) in resolution of financial institutes that enter solvency, the U.S. Secretary of the Treasury issued Rule 148 which significantly expands impacted institutions and the depth of required recordkeeping. As part of these efforts, new stay rules are being implemented in the US that require counterparties to change agreements known as qualified financial contracts (QFCs) to temporarily waive – or stay – certain rights with failing GSIBs.

mitigate the risk of destabilizing close-outs of qualified financial contracts (QFCs) entered into by US Global Systemically Important Banks (GSIBs) such as BNY Mellon. The US QFC Stay Rules are related to the application of US special resolution regimes and form . part of a broader set of global regulations aimed at ending “too big to fail.”

Administrative practice and procedure: Banks, banking: National banks: Qualified financial contracts: Reporting and recordkeeping requirements: Securities  12 Apr 2015 HLS Forum on Corporate Governance and Financial Regulation, on new recordkeeping requirements for Qualified Financial Contracts  This policy statement contains the final rules to implement the proposals made in Recordkeeping. 15. 3 1 PRA Consultation Paper 19/15, 'Contractual stays in financial contracts governed by third-country law', May 2015; clarifying that qualified parent undertakings are only in scope to the extent they have a registered  The FDIC is amending its regulations regarding Recordkeeping Requirements for Qualified Financial Contracts (``Part 371''), which require insured depository institutions (``IDIs'') in a troubled condition to keep records relating to qualified financial contracts (``QFCs'') to which they are

QUALIFIED FINANCIAL CONTRACTS RECORDKEEPING RELATED TO THE FDIC ORDERLY LIQUIDATION AUTHORITY; 31 CFR Part 148 - QUALIFIED FINANCIAL CONTRACTS RECORDKEEPING RELATED TO THE FDIC ORDERLY LIQUIDATION AUTHORITY availability and maintenance of records. § 148.4 Content of records. Appendix A to Part 148 - File Structure for Qualified Financial

A Look At The New Qualified Financial Contracts Rule. Asset Management Law360, Banking Law360, Bankruptcy Law360, Capital Markets Law360, Public Policy Law360, Securities Law360 to include specific provisions in certain types of noncleared contracts (qualified financial contracts or QFCs). QFCs include, among other contracts: part 148. qualified financial contracts recordkeeping related to the fdic orderly liquidation authority QUALIFIED FINANCIAL CONTRACTS RECORDKEEPING RELATED TO THE FDIC ORDERLY LIQUIDATION AUTHORITY 31 CFR Part 148 - QUALIFIED FINANCIAL CONTRACTS RECORDKEEPING RELATED TO THE FDIC ORDERLY LIQUIDATION AUTHORITY

Overview. On October 31st, the US Treasury finalized its long awaited rule governing Qualified Financial Contracts (QFCs) recordkeeping. The final rule requires most systemically important US financial institutions and Intermediate Holding Companies of foreign banks (collectively, SIFIs), including many of their non-bank affiliates, to maintain standardized information related to their end-of

31 CFR Part 148 - QUALIFIED FINANCIAL CONTRACTS RECORDKEEPING RELATED TO THE FDIC ORDERLY LIQUIDATION AUTHORITY. CFR. prev | next . They were prepared by, and represent the views of, the staff of the Federal Deposit Insurance Corporation (the “FDIC”). They are not rules, regulations, or  12 CFR Part 371 - RECORDKEEPING REQUIREMENTS FOR QUALIFIED FINANCIAL CONTRACTS. CFR. prev | next · § 371.1 Scope, purpose, and 

QUALIFIED FINANCIAL CONTRACTS RECORDKEEPING RELATED TO THE FDIC ORDERLY LIQUIDATION AUTHORITY; 31 CFR Part 148 - QUALIFIED FINANCIAL CONTRACTS RECORDKEEPING RELATED TO THE FDIC ORDERLY LIQUIDATION AUTHORITY availability and maintenance of records. § 148.4 Content of records. Appendix A to Part 148 - File Structure for Qualified Financial Overview. On October 31st, the US Treasury finalized its long awaited rule governing Qualified Financial Contracts (QFCs) recordkeeping. The final rule requires most systemically important US financial institutions and Intermediate Holding Companies of foreign banks (collectively, SIFIs), including many of their non-bank affiliates, to maintain standardized information related to their end-of 2000 - Rules and Regulations PART 371—RECORDKEEPING REQUIREMENTS FOR QUALIFIED FINANCIAL CONTRACTS Sec. 371.1 Scope, purpose, and compliance dates. 371.2 Definitions. APPENDIX A TO PART 371—FILE STRUCTURE FOR QUALIFIED FINANCIAL CONTRACT (QFC) RECORDS FOR LIMITED SCOPE ENTITIES