Comment period for Swap Margin and Capital Proposed Rulemaking extended

I missed this yesterday, but five federal agencies have extended open comments until July 11.

Five federal agencies have approved and will submit a Federal Register notice that extends the comment period on a proposed rule to establish margin and capital requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The comment period was extended to July 11, 2011, to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by June 24, 2011.

The proposal was issued by the Federal Reserve Board, the Farm Credit Administration, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, and the Office of the Comptroller of the Currency.

Watch these developments closely; the potential impact from the Dodd-Frank bill, in all of its un-thought-out glory, is staggering.