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
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