FED published the Federal Register notice extending for three years, with revision, the mandatory FR Y-9 family of reports on financial statements for holding companies. The FR Y-9 family of reports includes the reporting form FR Y-9C, which refers to the Consolidated Financial Statements for Holding Companies. FED had also posted an OMB supporting statement on FR Y-9C among others, on March 16, 2018. The accounting changes would be effective beginning with the reports reflecting the March 31, 2018 report date for changes related to equity securities and June 30, 2018 for all other changes.
FED had published a proposal to extend, with revision, the FR Y-9 family of reports in January 2018. The comment period for this proposal expired on March 05, 2018 and FED had received one comment from a banking association. FED is implementing a number of revisions to the FR Y-9C reporting requirements, most of which are consistent with the recent changes to the FFIEC Consolidated Reports of Condition and Income (FFIEC 031, FFIEC 041, and FFIEC 051). The revisions to the FR Y-9C include deletions, consolidations of existing data items into new data items, reductions in reporting frequency, and new and revised reporting thresholds for certain data items. The FED is also making changes to the reporting forms and instructions for the FR Y-9C to implement accounting changes related to equity securities under the Accounting Standards update on Recognition and Measurement of Financial Assets and Financial Liabilities (ASU No. 2016-01).
Effective Date: March 31, 2018 (changes on equity securities); June 30, 2018 (for other changes)
Keywords: Americas, US, Banking, Reporting, FR Y-9C, Dodd-Frank Act, FED
Previous ArticleBCBS Publishes Responses to Consultation on Market Risk Standards
EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.
In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.
IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.
FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.
EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.
FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.
RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.
The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.
HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.
ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).