Clifford Chance

Rollback of Swap 'Push-Out' Rule: Expansion of Permissible Swap Activities for Banks

6 January 2015

After much-publicized legislative debates, the scope of the so-called swap "push-out" rule was significantly reduced in the appropriations bill signed into law on December 16, 2014.  Under the new law, US banks (and US branches of non-US banks) will be permitted to deal in all swaps except certain structured finance swaps.  This legislation is the first substantive amendment to the statutory language of the Dodd-Frank Act since its 2010 enactment.

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