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Recordkeeping Requirements for Qualified Financial Contracts

FDIC · final-rule · Published 2008-12-22 · Effective 2009-01-21 · 73 FR 78162

Document

Document number
E8-30221
Federal Register citation
73 FR 78162
CFR reference
12 CFR 371
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US Federal Deposit Insurance Corporation
Publication date
2008-12-22
Effective date
2009-01-21

Abstract

The FDIC is adopting a final rule establishing recordkeeping requirements for qualified financial contracts (QFCs) held by insured depository institutions in a troubled condition as defined in this rule. The appendix to the rule requires an institution in a troubled condition, upon written notification by the FDIC, to produce immediately at the close of processing of the institution's business day, for a period provided in the notification, the electronic files for certain position level and counterparty level data; electronic or written lists of QFC counterparty and portfolio location identifiers, certain affiliates of the institution and the institution's counterparties to QFC transactions, contact information and organizational charts for key personnel involved in QFC activities, and contact information for vendors for such activities; and copies of key agreements and related documents for each QFC.

Source

Authoritative
Federal Register document
Machine
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