Eschewing Guidance, Agencies Issue Operational-Resilience Paper, Best Practices
In a highly unusual move, the federal banking agencies late Friday released a paper on sound practices to help large banks increase operational resilience, amalgamating practices from across the agencies into one comprehensive document.
OCC Offers a QFC Out
Resolving an outstanding issue from the 2017 rule addressing the complex challenge of qualified financial contracts in a systemic resolution (see FSM Report QFC6), the OCC today made public an order issued on September 30 granting an exemption to the QFC stay rule for certain non-linked, non-U.S. derivatives contracts.