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 ArticleSBV Proposes to Amend Circular on Banking Inspection and Supervision
CBUAE has issued a regulation that introduces the licensing and supervision framework for low-risk, specialized banks.
APRA is consulting on CPG 511—the draft Prudential Practice Guide on remuneration for banks, insurers, and superannuation licensees—with the comment period ending on July 23, 2021.
MAS announced a new RegTech grant scheme and an enhancement of the Digital Acceleration Grant (DAG) scheme to accelerate technology adoption in the financial sector.
PRA published a letter that sets out findings from the 2020 Internal Audit Review of the Collections function of a sample of non-systemic banks and building societies.
EIOPA launched a consultation on the Interbank Offered Rate (IBOR) transitions, in context of the EU Benchmarks Regulation.
EIOPA published a discussion paper on uses cases of, and the European approach to, blockchain and smart contracts in the insurance sector.
HKMA granted a banking license to NongHyup Bank (also NH Bank), which is incorporated in the Republic of Korea.
PRA published a discussion paper that explores options for developing a simpler but resilient prudential framework for banks and building societies that are neither systemically important nor internationally active.
ECB published an opinion on the proposal for a regulation on the pilot regime for market infrastructures based on distributed ledger technology.
EBA proposed regulatory technical standards that specify how to identify the appropriate risk-weights and conditions when assessing minimum loss given default (LGD) values for exposures secured by immovable property.