Faced with the possibility of a no-deal Brexit, five U.S. agencies issued an interim final rule to allow non-cleared swaps and non-cleared security-based swaps that are “grandfathered” under the agencies’ swap margin rule to be transferred from a United Kingdom financial entity without losing grandfathered status. The interim final rule was issued without prior notice and opportunity for public comment in view of the imminent official date for the U.K. withdrawal. The interim final rule was effective immediately, on March 13, 2019.
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