Featured Product

    FED Proposes to Extend Initial Compliance Dates Under SCCL Rule

    November 20, 2019

    FED published a proposal to extend, by 18 months, the initial compliance dates for foreign banks subject to the single-counterparty credit limit (SCCL) rule. The extension would provide additional time for foreign jurisdictions' versions of the rule to become effective and would apply only to the combined U.S. operations of the foreign banks and not to the U.S. intermediate holding companies of those banks. The proposed revisions impact the information collection titled "Single-Counterparty Credit Limits" (FR 2590). The comment period for this consultation ends on December 20, 2019.

    FED had published, on August 06, 2018, in the Federal Register (83 FR 38460) the final SCCL rule, which was modified by a recent rule establishing the risk-based categories for determining prudential standards for large U.S. banking organizations and foreign banking organizations. The final SCCL rule permits a foreign banking organization that is subject to the rule to comply with the requirements applicable to its combined U.S. operations by certifying to FED that it meets, on a consolidated basis, the standards established by its home country supervisor that are consistent with the large exposures framework published by BCBS.

    The final SCCL rule (dated August 2018) had an effective date of October 05, 2018 and an initial compliance date of January 01, 2020 for a foreign banking organization that has the characteristics of a global systemically important banking (G-SIB) organization. The final rule also specified an initial compliance date of July 01, 2020 for any other foreign banking organization subject to the rule. FED is now requesting comment on a proposed amendment that would modify these initial compliance dates. The proposed initial compliance dates applicable to the combined U.S. operations of a foreign banking organization would be July 01, 2021 for the organization that has the characteristics of a G-SIB and January 01, 2022 for any other foreign banking organization. However, FED is not proposing any amendment to modify the initial compliance dates in the final rule for, or otherwise amend the application of, single-counterparty credit limits applicable to any U.S. intermediate holding company of a foreign banking organization.

     

    Related Links

    Comment Due Date: December 20, 2019

    Keywords: Americas, US, Banking, Foreign Banks, Initial Compliance Date, SCCL, FR 2590, Reporting, G-SIB, Large Exposures, Credit Risk, FED

    Featured Experts
    Related Articles
    News

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    EP Reaches Agreement on Corporate Sustainability Reporting Directive

    The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).

    June 21, 2022 WebPage Regulatory News
    News

    PRA Consults on Model Risk Management Principles for Banks

    The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.

    June 21, 2022 WebPage Regulatory News
    News

    EC Regulation Amends Standards for Calculating Credit Risk Adjustments

    The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    News

    BIS Bulletins Discuss DeFi Lending and Aspects of Crypto-Assets

    The Bank for International Settlements (BIS) published bulletins on lending in decentralized finance (DeFi) system, on blockchain scalability and fragmentation of crypto, and on extractable value and market manipulation in crypto and decentralized finance.

    June 16, 2022 WebPage Regulatory News
    News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8292