Finanse publiczne · 7.01.2015

Qualified Financial Contracts Recordkeeping Related to Orderly Liquidation Authority

The Secretary of the Treasury (the "Secretary"), as Chairperson of the Financial Stability Oversight Council, is proposing rules (the "Proposed Rules") to implement the qualified financial contract ("QFC") recordkeeping requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Act" or the "Dodd-Frank Act"). The Act provides that if the federal primary financial regulatory agencies do not prescribe joint final or interim final regulations requiring financial companies to maintain records with respect to QFCs to assist the Federal Deposit Insurance Corporation ("FDIC") as receiver for a covered financial company to exercise its rights and fulfill its obligations under the Act within 24 months of the enactment of the Act, the Chairperson of the Financial Stability Oversight Council (the "Council") shall prescribe, in consultation with the FDIC, such regulations. The Secretary, as Chairperson of the Council, is proposing the Proposed Rules in consultation with the FDIC because the federal primary financial regulatory agencies did not so prescribe joint final or interim final regulations. The Proposed Rules would require recordkeeping with respect to positions, cou