SIFMA Welcomes OCC's Two-Year Relief On Swap Push-Out Effective Date

SIFMA today released the follow statement from Kenneth E. Bentsen, Jr., president, after the Office of the Comptroller of the Currency (OCC) informed financial institutions active in derivatives markets that it has extended the effective date of the so-called swap push-out rule's effective date by two years.

"We welcome the OCC's actions today in this important area of derivative regulation. The swaps push-out provision was added late into the Dodd-Frank Act, without proper vetting by Congress, and has been criticized by federal regulators. Today's action gives market participants clarity on what they need to do and when they need to take action to restructure this particular part of their business given regulators have not done any work on issuing implementing regulations."