WASHINGTON (MNI) – The Federal Reserve issued the following
advisory Friday:
Agencies Clarify Effective Date for Section 716 of the Dodd-Frank Act
Three federal financial regulatory agencies on Friday issued
guidance clarifying that the effective date of section 716, the
so-called Swaps Pushout provision, of the Dodd-Frank Wall Street Reform
and Consumer Protection Act is July 16, 2013. The guidance is being
issued by the Board of Governors of the Federal Reserve System, the
Federal Deposit Insurance Corporation, and Office of the Comptroller of
the Currency after receiving inquiries seeking clarification about the
effective date. Section 716 prohibits certain types of Federal
assistance, such as discount window lending and deposit insurance, for
certain uses to a swaps entity, subject to specified exceptions, with
respect to its swap, security-based swap, or other activity.
** MNI Washington Bureau: 202-371-2121 **
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