FED is proposing to extend for three years, with revision, the reporting requirements associated with Regulation Y. The changes involve the extension of time needed by certain entities to conform to the Volcker Rule. Comments must be submitted on or before June 18, 2019. Additionally, FED published a supporting statement for the reporting requirements associated with Regulation Y. No required reporting forms are associated with this information collection (FR Y-1) .
The information collection in section 225.181(c) of Regulation Y (12 CFR 225.181(c)) is used by newly formed banking entities and existing companies that become a banking entity to seek an extension of time to bring their activities and investments into compliance with section 13 of the Bank Holding Company Act (the Volcker Rule) or to divest their interest in an illiquid fund. The information collection in section 225.182(c) of Regulation Y (12 CFR 225.182(c)) is used by non-bank financial companies supervised by FED to seek an extension of time to bring their activities and investments into compliance with the Volcker Rule, including any capital requirements and quantitative limits adopted thereunder. A request by a banking entity or non-bank financial company supervised by FED must address the relevant factors set out in sections 225.181(d) and 225.182(d) of Regulation Y.
Regulation Y provides that a new banking entity or FED-supervised non-bank financial company may request an extension of time to conform its activities to the requirements of the Volcker Rule. FED proposes to revise the FR Y-1 to account for Supervision and Regulation Letter 16-18 (SR Letter 16-18), which discusses the information that should be included in a request to extend the transition period for illiquid funds. The total annual burden for this information collection is estimated to be three hours and would not change as a result of the proposed revision.
Comment Due Date: June 18, 2019
Keywords: Americas, US, Banking, Securities, Regulation Y, FR Y-1, Volcker Rule, SR Letter 16-18, Information Collection, FED
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