Foreign Banks Get 2-Year 'Pushout Rule' Transition Time

Law360, New York (June 5, 2013, 7:11 PM EDT) -- The Federal Reserve announced Wednesday that foreign banks will be eligible for a two-year transition period in implementing the controversial Dodd-Frank Act-mandated “pushout rule” requiring banks to strip most derivative trading from units that receive federal deposit insurance.

In an interim final rule, the Fed clarified that both uninsured U.S. branches and agencies of foreign banks will be treated as insured depository institutions — which are already eligible for the 24-month grace period — for the purposes of Section 716 of the Dodd-Frank Act, which is...
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