Foreign banks get no relief on swaps push-out

01/6/2013 | Risk.net (subscription required)

The Office of the Comptroller of the Currency has repeated a mistake embedded in the Dodd-Frank Act concerning foreign banks, Matt Cameron writes. Non-U.S. financial institutions that conduct swaps in their American branches still will have to shift those activities into a separate legal entity by mid-July. U.S. banks can get a three-year "safe harbour" from the rule, Cameron writes.

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