US Agencies (FDIC and FED) are extending the consultation period for the guidance on resolution plans to be submitted by certain large foreign banks. The comment period is being extended by 30 days—from May 05, 2020 to June 04, 2020. In light of the challenges arising from the COVID-19 emergency, this extension will allow interested parties additional time to analyze the issues and prepare comments through June 04, 2020. The agencies are also reviewing and may adjust other upcoming deadlines associated with the resolution planning process.
On March 18, 2020, the agencies had published, in the Federal Register, a consultation on the guidance for the 2021 and subsequent resolution plan submissions by certain foreign-based covered companies. This proposed guidance would provide additional information on the agencies' expectations for the resolution plans of certain large foreign banks, which, under the proposal, would include the U.S. operations of Barclays, Credit Suisse, and Deutsche Bank. The proposed guidance is intended to assist firms in developing their resolution plans, which are required to be submitted pursuant to Section 165(d) of the Dodd-Frank Act. The proposed guidance is largely based on prior guidance and the agencies invite public comment on all aspects of the proposed guidance.
Comment Due Date: June 04, 2020
Keywords: Americas, US, Banking, Resolution Plan, Foreign Banks, Dodd-Frank Act, G-SIB, Resolution Framework, COVID-19, US Agencies
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