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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 ...
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 ...
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.
Oct 1, 2024 · The FDIC may, in its discretion, grant one or more extensions of time for compliance with the recordkeeping requirements of this part. (1) Except as provided in paragraph (d) (2) of this section, no single extension for a records entity shall be for a period of more than 120 days. (2) For a records entity that is an accelerated records entity ...
Jan 9, 2019 · The QFC Recordkeeping requirement adds yet another compliance burden to many banks already managing numerous regulations. Fortunately, advanced, flexible technology available today facilitates compliance with minimal disruption to existing technology and internal processes – and in time for the deadlines.
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What is QFC recordkeeping?
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What is a QFC & how does it work?
by the FDIC to be a QFC as defined in that section. • Appendix A sets forth the specific QFC recordkeeping requirements. These QFC recordkeeping requirements are organized under three categories as provided in Appendix A: (1) position level data, (2) counterparty level data, and (3) certain contracts and lists of counterparty
