US Agencies (FDIC and FED) are extending the consultation period for the guidance on resolution plans to be submitted by certain large foreign banks. The comment period is being extended by 30 days—from May 05, 2020 to June 04, 2020. In light of the challenges arising from the COVID-19 emergency, this extension will allow interested parties additional time to analyze the issues and prepare comments through June 04, 2020. The agencies are also reviewing and may adjust other upcoming deadlines associated with the resolution planning process.
On March 18, 2020, the agencies had published, in the Federal Register, a consultation on the guidance for the 2021 and subsequent resolution plan submissions by certain foreign-based covered companies. This proposed guidance would provide additional information on the agencies' expectations for the resolution plans of certain large foreign banks, which, under the proposal, would include the U.S. operations of Barclays, Credit Suisse, and Deutsche Bank. The proposed guidance is intended to assist firms in developing their resolution plans, which are required to be submitted pursuant to Section 165(d) of the Dodd-Frank Act. The proposed guidance is largely based on prior guidance and the agencies invite public comment on all aspects of the proposed guidance.
Comment Due Date: June 04, 2020
Keywords: Americas, US, Banking, Resolution Plan, Foreign Banks, Dodd-Frank Act, G-SIB, Resolution Framework, COVID-19, US Agencies
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous ArticleISDA Urges EU to Revise CRR to Address Procyclicality Amid Stress
HM Treasury notified that, after considering all responses, the government intends to bring forward further legislation, when the Parliamentary time allows, to address issues identified in the consultation on supporting the wind-down of critical benchmarks.
EIOPA launched the 2021 stress test for the insurance sector in EU.
UK authorities jointly published the third edition of Regulatory Initiatives Grid setting out the planned regulatory initiatives for the next 24 months.
EC is requesting feedback on the proposed Commission Delegated Regulation on the content, methodology, and presentation of information that large financial and non-financial undertakings should disclose about their environmentally sustainable economic activities under the Taxonomy Regulation.
OSFI has set out the near-term priorities for federally regulated financial institutions and federally regulated private pension plans for the coming months until March 31, 2022.
Under the Italian G20 Presidency, BIS Innovation Hub and the Italian central bank BDI launched the second edition of the G20 TechSprint on the lookout for innovative solutions to resolve operational problems in green and sustainable finance.
ACPR published Version 1.0.0 of the RUBA taxonomy, which will come into force from the decree of January 31, 2022.
EBA proposed the regulatory technical standards on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in EU.
ECB published its response to the targeted EC consultation on the review of the bank crisis management and deposit insurance framework in EU.
BCBS, CPMI, and IOSCO (the Committees) are inviting entities that participate in market infrastructures and securities markets through an intermediary as well as non-bank intermediaries to complete voluntary surveys on the use of margin calls.