On 14 October 2014, the FSB published a “Regulatory Framework for Haircuts on Non-Centrally Cleared Securities Financing Transactions”, which included a consultative proposal on the application of numerical haircut floors to non-bank-to-non-bank securities financing transactions. Interested parties were invited to provide written comments by 15 December 2014. These comments are available below. The FSB thanks those who have taken the time and effort to express their views.