Federal Agricultural Mortgage Corporation Governance; Standards of Conduct; Risk Management; and Disclosure and Reporting, 71356 [2016-25050]
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Federal Register / Vol. 81, No. 200 / Monday, October 17, 2016 / Rules and Regulations
Authority: 12 U.S.C. 1815, 1816, 1818,
1819, 1828, 1831p–1, 5412.
12. Amend § 329.3 as follows:
a. Redesignate footnote 1 as footnote
2.; and
■ b. Revise the definition of ‘‘Qualifying
master netting agreement’’ to read as
follows:
■
■
§ 329.3
Definitions.
jstallworth on DSK7TPTVN1PROD with RULES
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Qualifying master netting agreement
means a written, legally enforceable
agreement provided that:
(1) The agreement creates a single
legal obligation for all individual
transactions covered by the agreement
upon an event of default following any
stay permitted by paragraph (2) of this
definition, including upon an event of
receivership, insolvency,
conservatorship, liquidation, or similar
proceeding, of the counterparty;
(2) The agreement provides the FDICsupervised institution the right to
accelerate, terminate, and close-out on a
net basis all transactions under the
agreement and to liquidate or set-off
collateral promptly upon an event of
default, including upon an event of
receivership, conservatorship,
insolvency, liquidation, or similar
proceeding, of the counterparty,
provided that, in any such case, any
exercise of rights under the agreement
will not be stayed or avoided under
applicable law in the relevant
jurisdictions, other than:
(i) In receivership, conservatorship, or
resolution under the Federal Deposit
Insurance Act, Title II of the DoddFrank Act, or under any similar
insolvency law applicable to GSEs, or
laws of foreign jurisdictions that are
substantially similar 1 to the U.S. laws
referenced in this paragraph (2)(i) in
order to facilitate the orderly resolution
of the defaulting counterparty; or
(ii) Where the agreement is subject by
its terms to, or incorporates, any of the
laws referenced in paragraph (2)(i) of
this definition;
(3) The agreement does not contain a
walkaway clause (that is, a provision
that permits a non-defaulting
counterparty to make a lower payment
than it otherwise would make under the
agreement, or no payment at all, to a
defaulter or the estate of a defaulter,
even if the defaulter or the estate of the
defaulter is a net creditor under the
agreement); and
(4) In order to recognize an agreement
as a qualifying master netting agreement
1 The FDIC expects to evaluate jointly with the
Federal Reserve and the OCC whether foreign
special resolution regimes meet the requirements of
this paragraph.
VerDate Sep<11>2014
14:00 Oct 14, 2016
Jkt 241001
for purposes of this subpart, an FDICsupervised institution must comply
with the requirements of § 329.4(a) with
respect to that agreement.
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By order of the Board of directors of the
Federal Deposit Insurance Corporation.
Dated: September 20, 2016.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 2016–25021 Filed 10–14–16; 8:45 am]
BILLING CODE P
FARM CREDIT ADMINISTRATION
12 CFR Parts 650, 651, 653, and 655
RIN 3052–AC89
Federal Agricultural Mortgage
Corporation Governance; Standards of
Conduct; Risk Management; and
Disclosure and Reporting
Farm Credit Administration.
Notice of effective date.
AGENCY:
ACTION:
The Farm Credit
Administration (FCA, we, Agency or
our) amended our regulations to related
to the Federal Agricultural Mortgage
Corporation’s (Farmer Mac or
Corporation) risk governance and
making enhancements to existing
disclosure and reporting requirements.
The risk governance regulations require
the Corporation to establish and
maintain a board-level risk management
committee and a risk officer, as well as
risk management policies and internal
controls. The changes to disclosure and
reporting requirements remove
repetitive reporting and allow for
electronic filing of reports. We also
finalized rules on the examination and
enforcement authorities held by the
FCA Office of Secondary Market
Oversight over the Corporation. In
accordance with the law, the effective
date of the rule is no earlier than 30
days from the date of publication in the
Federal Register during which either or
both Houses of Congress are in session.
DATES: Effective date: Under the
authority of 12 U.S.C. 2252, the
regulation amending 12 CFR parts 650,
651, 653, and 655 published on July 27,
2016 (81 FR 49139) is effective October
17, 2016.
FOR FURTHER INFORMATION CONTACT:
Joseph Connor, Associate Director for
Policy and Analysis, Office of
Secondary Market Oversight, Farm
Credit Administration, McLean, VA
22102–5090, (703) 883–4364, TTY
(703) 883–4056,
SUMMARY:
PO 00000
Frm 00032
Fmt 4700
Sfmt 4700
or
Laura McFarland, Senior Counsel,
Office of General Counsel, Farm
Credit Administration, McLean, VA
22102–5090, (703) 883–4020, TTY
(703) 883–4056.
SUPPLEMENTARY INFORMATION: The Farm
Credit Administration amended our
regulations related to the Federal
Agricultural Mortgage Corporation’s
(Farmer Mac or Corporation) risk
governance and making enhancements
to existing disclosure and reporting
requirements. The risk governance
regulations require the Corporation to
establish and maintain a board-level risk
management committee and a risk
officer, as well as risk management
policies and internal controls. The
changes to disclosure and reporting
requirements remove repetitive
reporting and allow for electronic filing
of reports. We also finalized rules on the
examination and enforcement
authorities held by the FCA Office of
Secondary Market Oversight over the
Corporation. In accordance with 12
U.S.C. 2252, the effective date of the
final rule is no earlier than 30 days from
the date of publication in the Federal
Register during which either or both
Houses of Congress are in session. Based
on the records of the sessions of
Congress, the effective date of the
regulations is October 17, 2016.
(12 U.S.C. 2252(a)(9) and (10))
Dated: October 12, 2016.
Dale L. Aultman,
Secretary, Farm Credit Administration Board.
[FR Doc. 2016–25050 Filed 10–14–16; 8:45 am]
BILLING CODE 6705–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 25
[Docket No. FAA–2013–0920; Special
Conditions No. 25–501–SC]
Special Conditions: Learjet Model 45
Series Airplanes; Aircraft Electronic
System Security Protection From
Unauthorized External Access
Federal Aviation
Administration (FAA), DOT.
ACTION: Final special conditions; request
for comments; correction.
AGENCY:
The FAA is correcting a final
special conditions; request for
comments document published in the
Federal Register on October 31, 2013
(78 FR 65153). In that document the
special conditions number was incorrect
SUMMARY:
E:\FR\FM\17OCR1.SGM
17OCR1
]]>Agencies
[Federal Register Volume 81, Number 200 (Monday, October 17, 2016)]
[Rules and Regulations]
[Page 71356]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-25050]
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FARM CREDIT ADMINISTRATION
12 CFR Parts 650, 651, 653, and 655
RIN 3052-AC89
Federal Agricultural Mortgage Corporation Governance; Standards
of Conduct; Risk Management; and Disclosure and Reporting
AGENCY: Farm Credit Administration.
ACTION: Notice of effective date.
-----------------------------------------------------------------------
SUMMARY: The Farm Credit Administration (FCA, we, Agency or our)
amended our regulations to related to the Federal Agricultural Mortgage
Corporation's (Farmer Mac or Corporation) risk governance and making
enhancements to existing disclosure and reporting requirements. The
risk governance regulations require the Corporation to establish and
maintain a board-level risk management committee and a risk officer, as
well as risk management policies and internal controls. The changes to
disclosure and reporting requirements remove repetitive reporting and
allow for electronic filing of reports. We also finalized rules on the
examination and enforcement authorities held by the FCA Office of
Secondary Market Oversight over the Corporation. In accordance with the
law, the effective date of the rule is no earlier than 30 days from the
date of publication in the Federal Register during which either or both
Houses of Congress are in session.
DATES: Effective date: Under the authority of 12 U.S.C. 2252, the
regulation amending 12 CFR parts 650, 651, 653, and 655 published on
July 27, 2016 (81 FR 49139) is effective October 17, 2016.
FOR FURTHER INFORMATION CONTACT:
Joseph Connor, Associate Director for Policy and Analysis, Office of
Secondary Market Oversight, Farm Credit Administration, McLean, VA
22102-5090, (703) 883-4364, TTY (703) 883-4056,
or
Laura McFarland, Senior Counsel, Office of General Counsel, Farm Credit
Administration, McLean, VA 22102-5090, (703) 883-4020, TTY (703) 883-
4056.
SUPPLEMENTARY INFORMATION: The Farm Credit Administration amended our
regulations related to the Federal Agricultural Mortgage Corporation's
(Farmer Mac or Corporation) risk governance and making enhancements to
existing disclosure and reporting requirements. The risk governance
regulations require the Corporation to establish and maintain a board-
level risk management committee and a risk officer, as well as risk
management policies and internal controls. The changes to disclosure
and reporting requirements remove repetitive reporting and allow for
electronic filing of reports. We also finalized rules on the
examination and enforcement authorities held by the FCA Office of
Secondary Market Oversight over the Corporation. In accordance with 12
U.S.C. 2252, the effective date of the final rule is no earlier than 30
days from the date of publication in the Federal Register during which
either or both Houses of Congress are in session. Based on the records
of the sessions of Congress, the effective date of the regulations is
October 17, 2016.
(12 U.S.C. 2252(a)(9) and (10))
Dated: October 12, 2016.
Dale L. Aultman,
Secretary, Farm Credit Administration Board.
[FR Doc. 2016-25050 Filed 10-14-16; 8:45 am]
BILLING CODE 6705-01-P
