FSOC Requests Comments on Proposal Involving QFC Recordkeeping Related to Orderly Liquidation Authority (Fed. Reg.)

The Financial Stability Oversight Council ("FSOC") requested public comments on a proposal to implement the qualified financial contract ("QFC") recordkeeping requirements of Dodd-Frank.

The proposed rules provide information intended to assist the Federal Deposit Insurance Corporation ("FDIC"), acting as a receiver, to:

• fulfill its obligations under the Dodd-Frank Act in deciding whether to transfer QFCs;
• assess the consequences of decisions to transfer, disaffirm or repudiate, or to allow the termination of, QFCs with one or more counterparties; and
• determine if any financial systemic risks are posed by the transfer, disaffirmance or repudiation, or termination of such QFCs.

Comments on the proposal are due on April 7, 2015.

See: 80 FR 965.