Fed Clarifies Application of Swaps Pushout Rule to US Branches of Non-US Banks | Practical Law
The Federal Reserve Board issued a final rule correcting a drafting error and clarifying that section 716 of the Dodd-Frank Act, known as the Pushout Rule, treats uninsured (non-IDI) US branches of non-US banks that are swap dealers as "swaps entities" under the rule, making them eligible for compliance extensions under the rule.