April 19, 2019

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. 

 

Related Links

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

Related Articles
News

FCA Publishes Its Business Plan for the Coming Year

FCA published its Business Plan, which sets out the main areas of focus and priorities for 2019/20.

May 17, 2019 WebPage Regulatory News
News

IASB Issues Work Plan and Meeting Updates for May 2019

IASB published an updated work plan, along with the update of its meeting in May 2019.

May 17, 2019 WebPage Regulatory News
News

CFTC Proposes to Amend Derivatives Clearing Organization Regulations

CFTC proposed amendments to certain regulations applicable to registered derivatives clearing organizations (DCOs) under Part 30 of the CFTC regulations.

May 16, 2019 WebPage Regulatory News
News

APRA Licenses Societe Generale As Foreign Deposit-Taking Institution

APRA granted Societe Generale a license to operate as a foreign authorized deposit-taking institution under the Banking Act of 1959.

May 16, 2019 WebPage Regulatory News
News

EBA Provides Updates on Its Work on Basel III Impact Assessment in EU

EBA is working to finalize the impact assessment on implementation of Basel III standards, in response to the EC call for advice, which was received on May 04, 2018.

May 16, 2019 WebPage Regulatory News
News

ISDA Publishes Two Consultations on Benchmark Fallbacks

ISDA published two consultations on benchmark fallbacks, the comment periods for which expire on July 12, 2019.

May 16, 2019 WebPage Regulatory News
News

FED Publishes Report Summarizing Regulatory and Supervisory Activities

FED published a report that summarizes banking conditions and the supervisory and regulatory activities of FED, in conjunction with semiannual testimony before Congress by the Vice Chairman for Supervision.

May 15, 2019 WebPage Regulatory News
News

US Agencies Propose to Amend Regulatory Framework for Foreign Banks

US Agencies (OCC, FED, and FDIC) proposed a regulatory framework for foreign banks operating in the U.S. that would more closely match the rules for foreign banks with the risks they pose to the U.S. financial system.

May 15, 2019 WebPage Regulatory News
News

ECB Consults on EONIA to €STR Legal Action Plan

ECB published a consultation, which was launched by the working group on euro risk-free rates, on recommendations to address the legal implications for new and legacy contracts referencing the euro overnight index average (EONIA), as a result of the proposed transition from EONIA to the euro short-term rate (€STR).

May 15, 2019 WebPage Regulatory News
News

FASB Offers Targeted Transition Relief Under Credit Losses Standard

FASB issued an Accounting Standards Update 2019-05 (on Topic 326) that eases transition to the credit losses standard by providing the option to measure certain types of assets at fair value.

May 15, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3088