The Office of Thrift Supervision on Tuesday revised its rules for derivatives.

Boards of directors must establish written policies for the use of derivatives and must periodically review compliance with them. Also, management is responsible for daily oversight of the portfolio, the agency said. The regulation, which is effective Jan. 1, replaces a rule that was limited to forward commitments, futures transactions, and financial options transactions.

The agency also revised its risk management bulletin, which provides guidance on how examiners evaluate risk management systems. The new bulletin, which is effective immediately, consolidates guidance the agency has issued for interest rate risk, investment securities, and derivatives.

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