FED Revises Reporting Requirements Associated with Volcker Rule

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