Agencies and Commissions March 19, 2019 – Federal Register Recent Federal Regulation Documents

The Advisory Committee on Rules of Criminal Procedure will hold a meeting on May 7, 2019. The meeting will be open to public observation but not participation. An agenda and supporting materials will be posted at least 7 days in advance of the meeting at: https:// www.uscourts.gov/rules-policies/records-and-archives-rules-co mmittees/ agenda-books.

The U.S. Consumer Product Safety Commission (Commission) will conduct a public hearing to receive views from all interested parties about the Commission's agenda and priorities for fiscal year 2020, which begins on October 1, 2019, and for fiscal year 2021, which begins on October 1, 2020. We invite members of the public to participate. Written comments and oral presentations concerning the Commission's agenda and priorities for fiscal years 2020 and 2021 will become part of the public record.

The FTC intends to ask the Office of Management and Budget (``OMB'') to extend for an additional three years the current Paperwork Reduction Act (``PRA'') clearance for the FTC's enforcement of the information collection requirements in its regulation ``Duties of Furnishers of Information to Consumer Reporting Agencies'' (``Information Furnishers Rule''), which applies to certain motor vehicle dealers, and its shared enforcement with the Bureau of Consumer Financial Protection (``BCFP'') of the furnisher provisions (subpart E) of the BCFP's Regulation V regarding other entities. That clearance expires on June 30, 2019.

The OCC, Board, FDIC, FCA, and FHFA (each an Agency and, collectively, the Agencies) are adopting and invite comment on an interim final rule amending the Agencies' regulations that require swap dealers and security-based swap dealers under the Agencies' respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (Swap Margin Rule). The Swap Margin Rule takes effect under a phased compliance schedule stretching from 2016 through 2020, and the dealers covered by the rule continue to hold swaps in their portfolios that were entered into before the effective dates of the rule. Those swaps are grandfathered from the Swap Margin Rule's requirements until they expire according to their terms. There are currently financial services firms located within the United Kingdom (U.K.) that conduct swap dealing activities subject to the Swap Margin Rule. The U.K. has provided formal notice of its intention to withdraw from the European Union (E.U.) on March 29, 2019. If this transpires without a negotiated agreement between the U.K. and E.U., these entities located in the U.K. may not be authorized to provide full-scope financial services to swap counterparties located in the E.U. The Agencies' policy objective in developing the interim final rule is to address one aspect of the scenario likely to ensue, whereby entities located in the U.K. might transfer their existing swap portfolios that face counterparties located in the E.U. over to an affiliate or other related establishment located within the E.U. or the United States (U.S.). The Agencies seek to address industry concerns about the status of grandfathered swaps in this scenario, so the industry can focus on making preparations for swap transfers. These transfers, if carried out in accordance with the conditions of the interim final rule, will not trigger the application of the Swap Margin Rule to grandfathered swaps that were entered into before the compliance dates of the Swap Margin Rule.