Margin and Capital Requirements for Covered Swap Entities

The OCC, Board, FDIC, FCA, and FHFA (each an "Agency" and, collectively, the "Agencies") are adopting exemptions from the initial and variation margin requirements published by the Agencies in November 2015 pursuant to sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act" or the "Act"). Pursuant to Title III of the Terrorism Risk Insurance Program Reauthorization Act of 2015 ("TRIPRA"), this final rule exempts certain non-cleared swaps and non-cleared security-based swaps with certain financial and non-financial end users that qualify for an exception or exemption from clearing.