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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.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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