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Oct 1, 2020 · QFC Recordkeeping reports. 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 ...
Jan 22, 2019 · Recordkeeping Requirements for Qualified Financial Contracts (QFCs) - Technical Points. Share This: The following frequently asked questions and answers are intended to help records entities interpret the Part 371 data requirements. They were prepared by, and represent the views of, the staff of the Federal Deposit Insurance Corporation (the ...
QFC Recordkeeping Compliance: Top 5 Challenges and Benefits. Meet QFC recordkeeping requirements with technology that links positions, collateral & agreements and validates and submits reports.
Dec 4, 2018 · The broad nature of the QFC Recordkeeping rules requires FIs to perform extensive upfront scoping work to ensure that all legal entities and QFC products are properly identified. For large institutions, this requires a detailed review of the corporate organization chart and a detailed analysis of a firm’s QFC activities in capital markets, prime brokerage, treasury, asset management and ...
Jan 31, 2019 · A QFC is considered to be an “in-scope QFC” and therefore subject to the QFC Stay Rules if it (1) contains an express restriction on the ability of a GSIB to transfer its rights under the QFC to another entity or (2) enables the counterparty to a “covered entity” to exercise rights against the covered entity in the event of the covered entity’s default under a QFC.
Jul 31, 2017 · The final rule augments the scope of QFC records required to be maintained by an IDI that is subject to the FDIC's recordkeeping requirements and that has total consolidated assets equal to or greater than $50 billion or is a consolidated affiliate of a member of a corporate group one or more members of which are subject to the QFC recordkeeping requirements set forth in the regulations ...
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Feb 12, 2021 · Last year, we highlighted the top five challenges associated with preparing QFC data for reporting. Today, as the final QFC Recordkeeping compliance date of June 30th draws near, we have compiled five of the primary last-mile challenges firms are facing for QFC report generation and submission. Linking Reportable Positions and Collateral to ...
