(iii) any entity described in any sub-
paragraph of section 3(q)(2) of the Federal
Deposit Insurance Act;
(iv) any institution which is subject to
the oversight of the Office of Federal
Housing Enterprise Oversight of the De-
partment of Housing and Urban Develop-
ment; and
(v) any Federal home loan bank and
the Office of Finance of the Federal home
loan banks; and
(B) does not include any company which is
regulated by the Securities and Exchange Com-
mission or the Commodities Futures Trading
Commission.
(8) INSURED CREDIT UNION.—The term ‘‘in-
sured credit union’’ has the same meaning as in sec-
tion 101(7) of the Federal Credit Union Act.
(9) INSURED DEPOSITORY INSTITUTION.—The
term ‘‘insured depository institution’’—
(A) has the same meaning as in section 3(c)(2)
of the Federal Deposit Insurance Act; and
(B) includes an insured credit union.
TITLE 
I—ENHANCED 
SUPER-
VISION OF DERIVATIVES AC-
TIVITIES
SEC. 101. INCREASED AGENCY OVERSIGHT OF FINANCIAL
INSTITUTION ACTIVITIES INVOLVING DERIV-
ATIVE FINANCIAL INSTRUMENTS.
(a) ESTABLISHMENT OF PRINCIPLES AND STAND-
ARDS.—The appropriate Federal regulatory agencies shall
jointly establish principles and standards relating to cap-
ital, accounting, disclosure, suitability, or other appro-
priate regulatory actions for the supervision of financial
institutions engaged in derivatives activities by such agen-
cies.
(b) ADMINISTRATIVE PROVISIONS.—
(1) ENHANCED REGULATORY COOPERATION.—
For purposes of implementing the principles and
standards established pursuant to subsection (a) and
the recommendations made pursuant to subsection
(c) and consistent with section 37 of the Federal De-
posit Insurance Act, the appropriate Federal regu-
latory agencies shall jointly—
(A) issue substantially similar definitions,
reporting requirements, capital standards, and
examination guidelines and procedures with re-
spect to any derivatives activity of any financial
institution; and
(B) prescribe such other regulations gov-
erning derivatives activities of financial institu-
tions as the agencies have identified or rec-
ommended as appropriate for carrying out the
purposes of this Act.
(2) REPORTS TO BANKING COMMITTEES.—Dur-
ing the 5-year period beginning on the date of the
enactment of this Act, section 37(c) of the Federal
Deposit Insurance Act shall apply with respect to
the principles, standards, requirements, guidelines,
and procedures adopted, prescribed, or issued by any
appropriate Federal regulatory agency pursuant to
this Act in the same manner such section applies
with respect to accounting and capital standards
used by appropriate Federal banking agencies.
(c) RECOMMENDATIONS REGARDING SUPERVISORY
ACTIONS.—In establishing principles and standards under
subsection (a), the appropriate Federal regulatory agen-
cies shall consider and may make recommendations for
comparable regulatory action by all such agencies in other
matters relating to financial institutions engaged in de-
rivatives activities, including the need to establish prin-
ciples and standards to provide for the following:
(1) Strong capital requirements (with particular
attention to a leverage ratio where appropriate) to
guard generally against risks at financial institu-
tions, including added risks that may be posed by
derivatives activities.
(2) Comprehensive risk management systems
that—
(A) are commensurate in scope, size, and
complexity to the levels of activities and risks
assumed by financial institutions;
(B) include limits and controls with respect
to any level of risk regarding counterparty cred-
it, concentration, and other relevant market fac-
tors;
(C) ensure that market factors affecting
risk exposures are adequately measured, mon-
itored, and controlled; and
(D) adequately control potential losses and
undue risks arising from system deficiencies.
(3) To the extent practicable, joint regulatory
examinations by the appropriate Federal banking
agencies of financial institutions which engage in de-
rivatives activities.
(4) 
The 
prudent 
use 
of 
collateral 
by
counterparties to derivatives transactions.
(5) Appropriate parameters, models, and sim-
ulations for the purpose of evaluating a financial in-
stitution’s exposure to derivatives activities and rel-
evant economic scenarios and further specifics re-
garding stress tests.
(6) Appropriate credit risk reserves in connec-
tion with derivatives activities.
(7) Protection against legal risk, including for-
eign legal risk.
(8) Protection against systemic risk.
(9) Assurance that a financial institution does
not recommend or engage in derivatives activities
that the institution knows or has reason to believe
would be inappropriate for a customer on the basis
of available information.
(10) Effective senior management supervision
and oversight by the board of directors of a financial
institution to ensure that derivatives activities are
conducted in a safe and sound manner and are con-
sistent with the board of director’s overall risk man-
agement philosophy and the institution’s business
strategy.
SEC. 102. DISCLOSURE OF AMOUNTS, NATURE, AND TERMS
OF DERIVATIVE FINANCIAL INSTRUMENTS IN
FINANCIAL INSTITUTION CALL REPORTS.
(a) INSURED DEPOSITORY INSTITUTIONS.—The Fed-
eral Deposit Insurance Act (12 U.S.C. 1811 et seq.) is
amended by adding at the end the following new section:
‘‘SEC. 44. DISCLOSURE REQUIREMENTS FOR DERIVATIVE
FINANCIAL INSTRUMENTS.
‘‘(a) INFORMATION REQUIRED TO BE INCLUDED IN
CALL
REPORTS.—Each appropriate Federal banking
agency shall consider, and may require, disclosures in any
report of condition made by any insured depository insti-
tution in accordance with section 7(a) with respect to any
period beginning after December 31, 1994, of the follow-
ing information:
‘‘(1) QUANTITATIVE
INFORMATION
WITH
RE-
SPECT
TO
ALL
DERIVATIVE
FINANCIAL
INSTRU-
MENTS.—
‘‘(A) GROSS NOTIONAL VALUE.—The gross
notional value of each class of derivative finan-
cial instruments.
‘‘(B) REVENUE, GAINS, AND LOSSES.—All
revenue, gains, and losses of the institution at-
tributable to each class of derivative financial
instruments.
‘‘(C) EXPOSURE UNDER BILATERAL NET-
TING CONTRACT.—The net current credit expo-
sure of the institution under legally enforceable
bilateral arrangements with respect to each
class of derivative financial instruments.
‘‘(2) TERMS
TO
MATURITY.—Information on
the remaining term to maturity of each class of de-
rivative financial instruments.
‘‘(3) QUANTITATIVE
INFORMATION
WITH
RE-
SPECT
TO
DERIVATIVE
FINANCIAL
INSTRUMENTS
HELD FOR TRADING PURPOSES.—
‘‘(A) AVERAGE FAIR VALUE BALANCES.—
The average maximum and minimum fair value
balances of the insured depository institution
with respect to each class of derivative financial
instruments used by the institution for trading
purposes.
‘‘(B) REVENUE, GAINS, AND LOSSES.—All
revenue, gains, and losses of the institution at-
tributable to trading account operations with
respect to each class of derivative financial in-
struments.
‘‘(4) ADDITIONAL
INFORMATION.—Any addi-
tional information that any appropriate Federal
banking agency may consider to be appropriate.
‘‘(b) SEPARATE REPORTING FOR EXCHANGE AND
OTC TRADING.—To the maximum extent possible, infor-
mation reported pursuant to subsection (a) with respect
to transactions which are conducted on an exchange, and
each class of derivative financial instruments which are
the subjects of such transactions, shall be provided sepa-
rately from information relating to transactions which are
conducted over the counter, and the classes of derivative
financial instruments which are the subjects of such trans-
actions.
‘‘(c) QUALITATIVE REPORTING REQUIREMENTS.—
The Federal banking agencies shall take such action as
may be appropriate to encourage insured depository insti-
tutions to publicly report the following information with
such frequency as the agencies determine to be appro-
priate:
‘‘(1) NATURE OF DERIVATIVE FINANCIAL IN-
STRUMENTS.—A description of—
‘‘(A) the purposes for which each class of
derivative financial instruments has been ac-
quired by the institution, including the specific
objectives of the institution; and
‘‘(B) the overall operating and investment
strategies of the institution which provide the
context for acquiring or taking any such hold-
ing, position, or other interest in any derivative
financial instrument.
‘‘(2) ACCOUNTING POLICIES.—A description of
the accounting policy and principles and the meth-
odologies used by the institution to determine the
value of the various classes of derivative financial in-
struments.
‘‘(d) DEFINITIONS.—For purposes of this section, the
terms ‘active end-user’ and ‘derivative financial instru-
ment’ have the same meanings as in section 2 of the De-
rivatives Safety and Soundness Supervision Act of 1994.’’.
(b) INSURED CREDIT UNIONS.—Section 202(a) of
the Federal Credit Union Act (12 U.S.C. 1782(a)) is
amended by adding at the end the following new para-
graph:
‘‘(8) DERIVATIVE FINANCIAL INSTRUMENTS.—
‘‘(A) IN GENERAL.—The reports of condi-
tion made by insured credit unions under this
section shall include all the information with re-
spect to derivative financial instruments which
is required, under section 44 of the Federal De-
posit Insurance Act, to be included in reports of
condition made by insured depository institu-
tions (as defined in section 3 of such Act).
‘‘(B) APPLICABILITY
OF
SECTION
OF
THE FEDERAL DEPOSIT INSURANCE ACT.—Sec-
tion 44 of the Federal Deposit Insurance Act
shall apply with respect to insured credit unions
and the Board in the same manner such section
applies to insured depository institutions and
Federal banking agencies (as such terms are
defined in section 3 of such Act) and shall be
enforceable by the Board with respect to in-
sured credit unions under this Act.’’.
(c) OTHER FINANCIAL INSTITUTIONS.—
(1) IN GENERAL.—A financial institution which
is not an insured depository institution or an insured
credit union shall file a quarterly report, with such
institution’s appropriate Federal regulatory agency,
containing all the information with respect to deriva-
tive financial instruments which is required, under
section 44 of the Federal Deposit Insurance Act, to
be included in reports of condition made by insured
depository institutions (as defined in section 3 of
such Act).
(2) APPLICABILITY
OF
SECTION
OF
THE
FEDERAL DEPOSIT INSURANCE ACT.—Section 44 of
the Federal Deposit Insurance Act shall apply with
respect to financial institutions and appropriate
Federal regulatory agencies described in paragraph
(1) in the same manner such section applies to in-
sured depository institutions and Federal banking
agencies (as such terms are defined in section 3 of
such Act) and shall be enforceable by such agencies
with respect to such financial institutions under any
other law which provides such agency with adminis-
trative enforcement authority over such institution.
SEC. 103. INCLUSION OF FDIC AND OCC AS PRINCIPALS IN
INTERAGENCY TASK FORCE.
The Chairperson of the Federal Deposit Insurance
Corporation and the Comptroller of the Currency shall be
included as principals on any interagency task force or
working group dealing with issues relating to derivative
financial instruments.
SEC. 104. TRAINING FOR EXAMINERS AND ASSISTANT EX-
AMINERS.
(a) IN GENERAL.—The Financial Institutions Exam-
ination Council shall sponsor training programs concern-
ing derivatives activities for examiners and assistant ex-
aminers employed by such any agency represented on such
council.
(b) ENROLLMENT.—Under such conditions as the Fi-
nancial Institutions Examination Council may establish,
training programs sponsored by the council pursuant to
subsection (a) shall be open to enrollment by employees
of State bank supervisors (as defined in section 3(r) of
the Federal Deposit Insurance Act) and employees of the
Federal Housing Finance Board and the Office of Federal
Housing Enterprise Oversight of the Department of Hous-
ing and Urban Development.
(c) RISK MANAGEMENT TRAINING.—The risk man-
agement training provided under section 1009A of the
Federal Financial Institutions Examination Council Act of
1978 shall include risk management techniques related to
derivatives activities, except that the cost of providing
training with respect to such activities to employees of fi-
nancial institutions shall be paid by the institutions.
SEC. 105. STATE LIAISONS.
(a) IN GENERAL.—To encourage the application of
uniform examination principles and standards by State
and Federal agencies with respect to derivatives activities
of financial institutions, the appropriate Federal regu-
latory agencies shall establish a liaison committee com-
posed of 5 representatives of State agencies which super-
vise financial institutions which shall meet at least twice
a year with such Federal agencies.
(b) TRAVEL EXPENSES.—Each member of the liaison
committee established pursuant to subsection (a) shall re-
ceive travel expenses, including per diem in lieu of subsist-
ence, in accordance with sections 5702 and 5703 of title
5, United States Code.
TITLE II—SUPERVISORY
IMPROVEMENTS
SEC. 201. UNSAFE OR UNSOUND PRACTICES.
(a) EFFECTIVE MANAGEMENT OVERSIGHT.—No fi-
nancial institution may engage in derivatives activities
without a written management plan approved by the board
of directors of the institution which—
(1) ensures that such activities are—
(A) conducted with appropriate direct over-
sight of the directors and the senior executive
officers (as defined pursuant to section 32(f) of
the Federal Deposit Insurance Act) of the insti-
tution;
(B) conducted in a safe and sound man-
ner; and
(C) consistent with the overall risk man-
agement philosophy and the business strategy
of the management of the institution; and
(2) establishes prudential standards for the
management of the risks involved in such activities
and a framework for internal controls with respect
to such activities.
(b) REQUIREMENT FOR DIRECTORS.—No financial
institution may act as a dealer in derivative financial in-
struments or as an active end-user unless a sufficient
number of the directors of such institution are familiar
with the risks associated with any class of derivative finan-
cial instruments involved in any derivatives activity of a
financial institution and the total current credit exposure
of the institution with respect to any such class, and ac-
tivities of the institution relating to such class of instru-
ments.
(c) ENFORCEMENT.—Any failure to comply with the
provisions of this subsection, and the failure of any insti-
tution-affiliated party (as defined in section 3(u) of the
Federal Deposit Insurance Act) engaged in derivatives ac-
tivities to have adequate technical expertise with respect
to such activities, may be treated by the appropriate Fed-
eral regulatory agency as an unsafe or unsound practice
in conducting the business of the institution involved.
SEC. 202. CONFIDENTIAL EMERGENCY MANAGEMENT RE-
PORTING.
(a) IN GENERAL.—Before the end of the 1-year pe-
riod beginning on the date of the enactment of this Act,
the appropriate Federal regulatory agencies shall develop
the means to obtain all necessary information relating to
any derivatives activity or any class of derivative financial
instruments, whenever the appropriate Federal regulatory
agency determines such information is needed, from any
financial institution which is a dealer in derivative finan-
cial instruments or is an active end-user if the agency de-
termines that the agency needs such information as a re-
sult of adverse market conditions or other emergency situ-
ation (as defined by the agency).
(b) ACCESSIBILITY OF INFORMATION.—Each finan-
cial institution referred to in paragraph (1) shall—
(1) obtain such information and make and keep
such records as the appropriate Federal regulatory
agency may require by regulation for purposes of
such paragraph; and
(2) promptly provide to the appropriate Federal
regulatory agency any information requested by the
agency pursuant to such paragraph.
(c) 
CONFIDENTIALITY
OF
INFORMATION
PRO-
VIDED.—No information provided to or obtained by an ap-
propriate Federal regulatory agency pursuant to para-
graph (1) with respect to any financial institution may be
provided to any person or entity other than another Fed-
eral regulatory agency with jurisdiction over the financial
institution without the prior written approval of the agen-
cy.
SEC. 203. INTERNAL CONTROLS.
Section 39(a)(1)(A) of the Federal Deposit Insurance
Act (12 U.S.C. 1831p–1(a)(1)(A)) is amended by striking
‘‘internal controls’’ and inserting ‘‘internal controls (in-
cluding internal controls for activities involving derivative
financial instruments (as defined in section 44(d)))’’.
SEC. 204. FOREIGN BANK SUPERVISION.
(a) STANDARDS FOR APPROVAL.—Section 7(d)(2)(A)
of the International Banking Act of 1978 (12 U.S.C.
3105(d)(2)(A)) is amended by inserting before the semi-
colon the following: ‘‘, including, in the case of a foreign
bank engaged in derivatives activities (as defined in sec-
tion 2(5) of the Derivatives Safety and Soundness Super-
vision Act of 1994), comprehensive supervision and regu-
lation of such activities.’’.
(b) FACTOR FOR CONSIDERATION.—Section 7(d) of
the International Banking Act of 1978 (12 U.S.C.
3105(d)) is amended by adding at the end the following
new paragraph:
‘‘(6) FACTOR FOR CONSIDERATION.—In making
any determination under paragraph (2), the Board
shall consider whether the home country of a foreign
bank maintains comprehensive supervision and regu-
lation of derivatives activities (as defined in section
2(5) of the Derivatives Safety and Soundness Super-
vision Act of 1994), including, where appropriate,
capital and disclosure standards, which are not less
stringent than United States standards.’’.
TITLE III—FINANCIAL INSTITU-
TION INSOLVENCY REFORMS
SEC. 301. TREATMENT OF CERTAIN SWAP AGREEMENTS BY
CONSERVATORS OR RECEIVERS OF INSURED
DEPOSITORY INSTITUTIONS.
Section 11(e)(8)(D)(vi) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1821(e)(8)(D)(vi)) is amended—
(1) by striking ‘‘purchased’’ each place such
term appears; and
(2) by inserting ‘‘, equity derivative, equity or
equity index swap, equity or equity index option,
bond option, spot foreign exchange transaction’’
after ‘‘currency option’’.
SEC. 302. AUTHORITY OF THE CORPORATION WITH RE-
SPECT TO FAILED AND FAILING INSTITU-
TIONS.
Section 11(e)(8) of the Federal Deposit Insurance
Act (12 U.S.C. 1821(e)(8)) is amended by adding the fol-
lowing new subparagraphs:
‘‘(F) CLARIFICATION.—No provision of law
shall be construed as limiting the right or
power of the Corporation, or authorizing any
court or agency to limit or delay, in any man-
ner, the right or power of the Corporation, to
transfer any qualified financial contract in ac-
cordance with paragraphs (9) and (10) or to
liquidate any such contract.
‘‘(G) UNDERCAPITALIZED
INSURED
DE-
POSITORY INSTITUTIONS.—The Corporation, in
consultation with the appropriate Federal bank-
ing agencies, shall prescribe regulations requir-
ing more detailed recordkeeping with respect to
qualified financial contracts (including market
valuations) by insured depository institutions
that are undercapitalized (as defined in section
38).’’.
SEC. 303. AMENDMENTS RELATING TO TRANSFERS OF
QUALIFIED FINANCIAL CONTRACTS.
Section 11(e)(10) of the Federal Deposit Insurance
Act (12 U.S.C. 1821(e)(10)) is amended—
(1) by redesignating subparagraph (B) as sub-
paragraph (E);
(2) by inserting after subparagraph (A) the fol-
lowing new subparagraphs:
‘‘(B) EFFECT OF NOTICE.—If a conserva-
tor or receiver for an insured depository institu-
tion in default has taken steps reasonably cal-
culated to provide notice, pursuant to subpara-
graph (A), to any person by the close of busi-
ness (local time) on the business day following
the appointment of the conservator or receiver
for such institution that the conservator or re-
ceiver has transferred, pursuant to paragraph
(9)(A), all qualified financial contracts between
the depository institution and such person, or
any affiliate of such person, paragraph (8)(A)
shall not apply with respect to such person or
affiliate in connection with any such contract.
‘‘(C) TREATMENT OF BRIDGE BANKS.—If
a bridge bank or other institution is organized
by the Corporation and a conservator is ap-
pointed for such bank or institution—
‘‘(i) immediately upon the organiza-
tion of the bank or institution; or
‘‘(ii) at the time of a purchase and as-
sumption transaction between such bank
or institution and a failed depository insti-
tution for which the Corporation has been
appointed receiver,
the bridge bank or other institution shall not be
considered a depository institution in default
for purposes of this paragraph and paragraphs
(8) and (9).’’.
SEC. 304. CLARIFYING AMENDMENT RELATING TO MASTER
AGREEMENTS.
Section 11(e)(8)(D)(vii) of the Federal Deposit In-
surance Act (12 U.S.C. 1821(e)(8)(D)(vii)) is amended to
read as follows:
‘‘(vii) 
TREATMENT
OF
MASTER
AGREEMENT
AS
SWAP
AGREEMENT.—
Notwithstanding any other provision of
law, any master agreement for any con-
tract or agreement described in clause (ii),
(iii), (iv), or (vi), together with all supple-
ments to such master agreement, shall be
treated as 1 swap agreement for purposes
of this paragraph.’’.
SEC. 305. TECHNICAL AMENDMENTS RELATING TO QUALI-
FIED FINANCIAL CONTRACTS.
(a) DEFINITION
OF QUALIFIED FINANCIAL CON-
TRACT.—Section 11(e)(8)(D) of the Federal Deposit In-
surance Act (12 U.S.C. 1821(e)(8)(D)) is amended—
(1) in clause (i), by inserting ‘‘spot contract,’’
after ‘‘swap agreement,’’;
(2) in clause (iv), by striking ‘‘(24)’’ and insert-
ing ‘‘(25)’’; and
(3) in clause (v), by striking ‘‘101(41)’’ and in-
serting ‘‘101(47)’’.
(b) LIMITATION ON RIGHTS OF COUNTERPARTIES IN
EVENT OF DEFAULT DUE TO APPOINTMENT OF A CON-
SERVATOR.—Section 11(e)(8)(E)(i) of the Federal De-
posit Insurance Act (12 U.S.C. 1821(e)(8)(E)(i)) is
amended by inserting ‘‘, other than a default based solely
upon the appointment of a conservator’’ before the semi-
colon at the end.
TITLE IV—INTERNATIONAL
REGULATORY COOPERATION
SEC. 401. STUDY OF INTERNATIONAL REGULATION AND SU-
PERVISION OF DERIVATIVES ACTIVITIES OF
FINANCIAL INSTITUTIONS.
(a) IN GENERAL.—Before the end of the 30-day pe-
riod beginning on the date of the enactment of this Act,
the Secretary of the Treasury shall request a meeting with
the appropriate representatives of the other major indus-
trialized countries to plan a study to examine the adequacy
of the international regulation and supervision of deriva-
tives activities of financial institutions.
(b) GOALS OF STUDY.—The goals of the study as
proposed by the Secretary of the Treasury pursuant to
subsection (a) with respect to derivatives activities of fi-
nancial institutions shall be as follows:
(1) To foster a greater understanding of the
manner in which derivative financial instruments af-
fect the stability of the world’s financial systems and
markets.
(2) To examine the adequacy of international
regulation and supervision of derivative financial ac-
tivities.
(3) To make recommendations for improving
the international regulation and supervision of deriv-
ative financial activities.
(4) To foster greater cooperation between all
regulatory agencies with jurisdiction over derivatives
activities.
(5) To make recommendations for action by the
financial regulators in the respective countries that
would facilitate the safe and sound conduct of enti-
ties involved in derivative financial activities.
(6) To evaluate the feasibility of establishing a
single governing body to regulate international deriv-
ative financial activities.
(c) ISSUES TO STUDY.—The Secretary of the Treas-
ury shall propose that the study with respect to derivatives
activities of financial institutions include the following fac-
tors:
(1) Identification of the manner in which deriv-
ative financial instruments affect the stability of the
world’s financial systems and markets.
(2) Identification of the various regulatory enti-
ties and mechanisms that are used to regulate and
supervise derivative financial activities around the
world.
(3) Analysis of the adequacy of the cooperation
between the various regulatory entities and mecha-
nisms referred to in paragraph (2).
(4) Identification of problems that inhibit the
safe and sound conduct of worldwide derivatives ac-
tivities.
(5) Analysis of the extent to which derivative fi-
nancial activities in countries other than the major
industrialized countries affect the safety and sound-
ness of the world’s financial systems and markets.
(6) Identification of uniform accounting and
public reporting standards for derivative financial in-
struments.
(7) Evaluation of the feasibility of establishing
a single governing body to regulate international de-
rivatives activities.
(d) UTILIZATION
OF
INFORMATION
AND
RE-
SOURCES.—The Secretary of the Treasury shall propose
that, in conducting the study under this section with re-
spect to derivatives activities of financial institutions, the
major industrialized countries should—
(1) gather information from a wide variety of
sources including government agencies, central
banks, market participants, and the consumers of
the derivative financial instruments;
(2) to the extent feasible, obtain and use infor-
mation from the International Monetary Fund, the
Bank for International Settlements, and other multi-
lateral organizations; and
(3) utilize all available information and conclu-
sions from studies conducted by any multilateral or-
ganization, central bank, or any group consisting of
representatives of major industrialized countries.
SEC. 402. INTERNATIONAL NEGOTIATIONS.
The Chairman of the Board of Governors of the Fed-
eral Reserve System and the Comptroller of the Currency
shall encourage central banks, and regulatory authorities
of the other industrialized countries to work toward main-
taining and, where appropriate, adopting comparable su-
pervisory standards and regulations, particularly capital
standards, for financial institutions engaged in derivatives
activities.