US Agencies (CFTC, FDIC, FED, and SEC) published a notice in the Federal Register to correct errors in the "amendatory instructions" to the final rule excluding community banks from Section 13 of the Bank Holding Company Act (Volcker Rule). The corrections become effective from August 06, 2019. The final rule (which is being corrected) excludes, from the Volcker Rule, community banks with USD 10 billion or less in total consolidated assets and total trading assets and liabilities of 5% or less of total consolidated assets. US Agencies had adopted this final rule, on July 22, 2019, to amend regulations implementing the Volcker Rule in a manner consistent with the statutory amendments made pursuant to certain sections of the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.
In the final rule FR Doc. 2019-15019, beginning on page 35020, the following corrections have been made:
- On page 35020, in the third column, correct amendatory instruction 11 to read as—“11. Revise paragraph (a)(6) to read as follows:”
- On page 35021, in the second column, correct amendatory instruction 16 to read as—“16. Revise paragraph (a)(6) to read as follows:”
- On page 35022, in the first column, correct amendatory instruction 21 to read as—“21. Revise paragraph (a)(6) to read as follows:”
- On page 35022, in the second column, correct amendatory instruction 26 to read as—“26. Revise paragraph (a)(6) to read as follows:”
Effective Date: August 06, 2019
Keywords: Americas, US, Banking, Securities, EGRRCP Act, Community Banks, Volcker Rule, BHC Act, Corrigendum, US Agencies
Previous ArticleOJK Proposes Regulation on Risk Management for Non-Bank Entities
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).
EBA published a statement on resolution planning in light of the COVID-19 pandemic.
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.
FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.