Kam vorhin per em@il. Könnte sein, daß dies hier jemanden interessiert?

Gruß
El Sheik


FED Regulation Could Impose Restraints On Derivatives




Billions of dollars of derivatives flows from U.S. banks could be subject to transaction size limits and collateral requirements when the Federal Reserve implements a law next month. The Federal Reserve by May 12 must introduce some sort of regulation regarding restrictions on derivatives transactions between banks and non-bank affiliates under the 1999 Gramm-Leach-Bliley act. The 1999 act was intended to modernize financial services statutes in the U.S. This regulation would seek to prevent the bank from being subjected to loss due to derivatives transactions with affiliates.

Normal procedure for a new regulation would be for the Fed to issue a proposed rule, and receive public comment. But the Fed has not been able to draft a regulation in time to put out a proposed version prior to the stautory deadline, according to DW sister publication Loan Market Week. As a result, it will likely have to impose an interim rule, effective May 12, as a temporary measure, according to industry officials. Potentially, after issuing the interim rule, the Fed will craft a more permanent regulation. Although the more permanent regulation may be subject to industry comment, the interim rule will be enforceable until the permanent regulation is complete.

The concern in industry circles last week was whether the new interim rule would designate derivatives transactions with affiliates as"covered transactions." In that case, billions of dollars worth of derivative flows could be subject to transaction size limits and collateral requirements under Section 23A of the Federal Reserve Act. A banking lawyer noted that"the [Fed] staff for many years have looked at derivatives as something that should be subject to 23A."

"The Board is aware of its statutory deadline and anticipates meeting it," a Fed spokeswoman said. As to whether the central bank's action would take the form of an interim rule, the spokeswoman said that was not clear.

There was hope last week, however, that the anticipated interim rule would take a different tack. Rather than making derivatives covered transactions, it could settle for specifying safety and soundness conditions that banks must observe in doing derivatives transactions with affiliates. GLBA says by May 12 the Fed must adopt a"final rule" to"address" such transactions. It therefore does not expressly mandate that derivatives must be covered transactions. Also, GLBA allows delay in implementation of the rule"for such period as the Board deems necessary...to permit banks to conform their activities to the requirements of the final rule without undue hardship.







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Gilt das nur für Transaktionen zwischen Banken und ihren Nicht-Bank-Konzernschwestern/-töchtern (affiliates)?
Wenn nicht, was bedeutet es für privaten Derivate-Handel?


>FED Regulation Could Impose Restraints On Derivatives
>
>Billions of dollars of derivatives flows from U.S. banks could be subject to transaction size limits and collateral requirements when the Federal Reserve implements a law next month. The Federal Reserve by May 12 must introduce some sort of regulation regarding restrictions on derivatives transactions between banks and non-bank affiliates under the 1999 Gramm-Leach-Bliley act. The 1999 act was intended to modernize financial services statutes in the U.S. This regulation would seek to prevent the bank from being subjected to loss due to derivatives transactions with affiliates.
>Normal procedure for a new regulation would be for the Fed to issue a proposed rule, and receive public comment. But the Fed has not been able to draft a regulation in time to put out a proposed version prior to the stautory deadline, according to DW sister publication Loan Market Week. As a result, it will likely have to impose an interim rule, effective May 12, as a temporary measure, according to industry officials. Potentially, after issuing the interim rule, the Fed will craft a more permanent regulation. Although the more permanent regulation may be subject to industry comment, the interim rule will be enforceable until the permanent regulation is complete.
>The concern in industry circles last week was whether the new interim rule would designate derivatives transactions with affiliates as"covered transactions." In that case, billions of dollars worth of derivative flows could be subject to transaction size limits and collateral requirements under Section 23A of the Federal Reserve Act. A banking lawyer noted that"the [Fed] staff for many years have looked at derivatives as something that should be subject to 23A."
>"The Board is aware of its statutory deadline and anticipates meeting it," a Fed spokeswoman said. As to whether the central bank's action would take the form of an interim rule, the spokeswoman said that was not clear.
>There was hope last week, however, that the anticipated interim rule would take a different tack. Rather than making derivatives covered transactions, it could settle for specifying safety and soundness conditions that banks must observe in doing derivatives transactions with affiliates. GLBA says by May 12 the Fed must adopt a"final rule" to"address" such transactions. It therefore does not expressly mandate that derivatives must be covered transactions. Also, GLBA allows delay in implementation of the rule"for such period as the Board deems necessary...to permit banks to conform their activities to the requirements of the final rule without undue hardship.


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Ed ist schon ein wenig nebulös formuliert. Ich tappe auch noch im Dunkeln.
El Sheik

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