Qualified Financial Contracts Recordkeeping Related to Orderly Liquidation Authority

The Secretary of the Treasury (the ``Secretary''), as Chairperson of the Financial Stability Oversight Council (the ``Council''), is adopting final rules (the ``Final Rules'') in consultation with the Federal Deposit Insurance Corporation (the ``FDIC'') to implement the qualified financial contract (``QFC'') recordkeeping requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'' or the ``Act''). The Final Rules require recordkeeping with respect to positions, counterparties, legal documentation, and collateral. This information is necessary and appropriate to assist the FDIC as 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 allow the termination of, QFCs with one or more counterparties; determine if any risks to financial stability are posed by the transfer, disaffirmance or repudiation, or termination of such QFCs; and otherwise exercise its rights under the Act and fulfill its obligations under sections 210(c)(8), (9), or (10) of the Act.