The Secretary of the Treasury, as Chair of the Financial Stability Oversight Council ("FSOC"), adopted final rules to implement the qualified financial contract ("QFC") recordkeeping requirements of the Dodd-Frank Act. The final rules were published in the Federal Register.
The proposed rules provide information intended to assist the FDIC, acting as a receiver, to (i) decide whether to transfer QFCs; (ii) assess the consequences of decisions to transfer, disaffirm or repudiate, or to allow the termination of, QFCs with one or more counterparties; and (iii) determine whether any financial systemic risks are posed by the transfer, disaffirmance or repudiation, or termination of such QFCs.
The final rules are effective on December 30, 2016.
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