FED Revises Reporting Requirements Associated with Volcker Rule
FED is adopting a proposal to extend for three years, with revision, the reporting requirements associated with Regulation Y (FR Y-1; OMB No. 7100-0333). The changes involve the extension of time needed by certain entities to conform to the Volcker Rule. FED, on April 19, 2019, had proposed extension and revision of the information collection FR Y-1, which has no associated reported form. FED proposed to revise the FR Y-1 to account for the provisions of Supervision and Regulation Letter (SR Letter) 16-18 that relate to the contents of a request for an extended transition period for illiquid funds and the procedures for filing such a request. The comment period for this proposal expired on June 18, 2019. FED did not receive any comments. The revisions will be implemented as proposed.
A new banking entity or Board-supervised nonbank financial company may request an extension of time to conform its activities to the Volcker Rule pursuant to sections 225.181(c) or 225.182(c), respectively, of the Regulation Y. 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 (collectively, new banking entities) 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 also must address the relevant factors set out in sections 225.181(d) and 225.182(d) of Regulation Y.
Related Link: Federal Register Notice
Keywords: Americas, US, Banking, Securities, Regulation Y, FR Y-1, Volcker Rule, SR Letter 16-18, Information Collection, FED
Previous Article
APRA Releases FAQs on Development of Prudential Standard SPS 515Related Articles
HKMA Enhances Loan Guarantee Scheme to Alleviate Pressure on SMEs
HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.
EBA Proposes Standards for Supervisory Cooperation Under IFD
EBA launched consultations on the regulatory and implementing technical standards on cooperation and information exchange between competent authorities involved in prudential supervision of investment firms.
BoE Sets Out Plan to Transform Data Collection from Financial Sector
BoE has set out a three-phased plan to transform data collection from the UK financial sector over the next decade.
BIS Issues Updates on Technology Initiatives on Cross-Border Payments
BIS recently made a couple of announcements with respect to the planned and ongoing work in the area of financial technology.
ESRB Updates List of Macro-Prudential Measures in February 2021
ESRB updated the list of national macro-prudential measures applied by each member state in the European Economic Area.
BoE Survey Shows Positive COVID Impact on Outsourced Banking Services
BoE has set out results of a survey on the impact of COVID-19 events on the use of machine learning and data science.
ECB Issues Opinion on Proposal to Regulate Crypto-Asset Markets in EU
In response to a request from the European Council and Parliament, ECB published an opinion on the proposed regulation on markets in crypto-assets.
APRA Announces Aggregate Committed Liquidity Facility for Banks
APRA announced the updated aggregate amounts for the 2021 Committed Liquidity Facility (CLF) established between the Reserve Bank of Australia (RBA) and certain locally incorporated authorized deposit-taking institutions that are subject to the Liquidity Coverage Ratio (LCR).
ECB and UK Authorities Agree on Post-Brexit Supervisory Cooperation
ECB published supervisory Memorandums of Understanding (MoUs) with UK as well as other European and non-European authorities.
EIOPA Outlines Strategic Supervisory Priorities for Insurance Sector
EIOPA identified business model sustainability and adequate product design as the two EU-wide strategic supervisory priorities.
