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Oct 1, 2020 · Under QFC Recordkeeping there are 128 data fields that must be reported on, and of those, 96 are unique. They are broken up into 8 different types, which need to be organized in 8 standardized tables: Position Level Data – QFCs with their external counterparties. Collateral Detail Data – collateral items linked to QFC positions.
Jan 31, 2019 · The QFC Stay Rules are complex. Your Dentons contact can help you in navigate these rules and determine the best way to comply with them. Pub.L. 111–203, H.R. 4173. ↩. 12 U.S.C. §1821 (e) (8) (D). This statute further defines “securities contract,” “commodity contract,” “forward contract,” “repurchase agreement” and “swap ...
- Linking Reportable Positions and Collateral to Agreements. Many firms may have already developed a strategy to link positions and collateral to the appropriate agreements.
- Automated Links Between Guarantees and Agreements. When there is a third-party guarantee on a reportable QFC position, agreement repositories often do not associate the guarantee to the governing agreement.
- Pre-Submission Report Validation and Exception Management. Because many firms will need to process millions of records when submitting QFC reports, there are many opportunities for data or process exceptions to occur.
- Effective Interactions with Regulators. Interacting with regulators is a delicate and sometimes intimidating task even under the best circumstances. Being prepared with a proactive understanding of potential regulatory responses is the best way to handle this challenge.
Oct 1, 2024 · (1) Within 3 business days of becoming a records entity, the records entity shall provide to the FDIC, in writing, the name and contact information for the person at the records entity who is responsible for recordkeeping under this part and, unless not required to maintain files in electronic form pursuant to § 371.4(d), a directory of the electronic files that will be used to maintain the ...
Yes. The US QFC Stay Rules require GSIBs to obtain resolution stay consents from counterparties (and conform all new QFCs to the same requirements) within a specified timeline. The first compliance deadline under the US QFC Stay Rules is January 1, 2019, for all in-scope QFCs between GSIB covered entities.
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Dec 4, 2018 · Sourcing all of a firm’s QFC position and collateral will typically require the evaluation of multiple systems-of-record (“SOR”) and a translation of their data fields into the reporting format required to satisfy the QFC Recordkeeping rules. Most SORs do not capture all of the reference information required under the QFC Recordkeeping rules.
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Jul 31, 2017 · This provision allows a records entity with fewer than 51 QFC positions at the time it becomes a records entity to maintain these records in any format it chooses, including paper records, so long as the required records are capable of being updated daily, provided that the records entity does not subsequently have 51 or more QFC positions.
