(a) Exempted exposure categories. The following categories of credit transactions are exempt from
the limits on credit exposure under this subpart:
(1) Any direct claim on, and the portion
of a claim that is directly and fully guaranteed as to principal and
interest by, the Federal National Mortgage Association and the Federal
Home Loan Mortgage Corporation, only while operating under the conservatorship
or receivership of the Federal Housing Finance Agency, and any additional
obligation issued by a U.S. government-sponsored entity as determined
by the Board;
(2) Intraday credit
exposure to a counterparty;
(3)
Any trade exposure to a qualifying central counterparty related to
the covered company’s clearing activity, including potential future
exposure arising from transactions cleared by the qualifying central
counterparty and prefunded default fund contributions;
(4) Any credit transaction with the Bank
for International Settlements, the International Monetary Fund, the
International Bank for Reconstruction and Development, the International
Finance Corporation, the International Development Association, the
Multilateral Investment Guarantee Agency, or the International Centre
for Settlement of Investment Disputes;
(5) Any credit transaction with the European Commission or the European
Central Bank; and
(6) Any transaction
that the Board exempts if the Board finds that such exemption is in
the public interest and is consistent with the purpose of this subpart.
(b) Exemption for Federal
Home Loan Banks. For purposes of this subpart, a covered company
does not include any Federal Home Loan Bank.
(c) Additional exemptions by the Board. The
Board may, by regulation or order, exempt transactions, in whole or
in part, from the definition of the term “credit exposure,” if the
Board finds that the exemption is in the public interest.
