US Agencies Extend Comment Period for Guidance on Resolution Plans
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.
Related Links
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
Previous Article
EC Expert Group Outlines Tools for Recovery from COVID-19 PandemicRelated Articles
PRA Consults on Implementation of Certain Provisions of CRD5
PRA, via the consultation paper CP12/20, proposed changes to its rules, supervisory statements, and statements of policy to implement certain elements of the Capital Requirements Directive (CRD5).
EIOPA Report Identifies Key Financial Stability Risks for Insurers
EIOPA published the financial stability report that provides detailed quantitative and qualitative assessment of the key risks identified for the insurance and occupational pensions sectors in the European Economic Area.
EBA Publishes Risk Dashboard for First Quarter of 2020
EBA published its risk dashboard for the first quarter of 2020 together with the results of the risk assessment questionnaire.
EBA Issues Updates on Stress Test Exercise for Banks in EU
EBA announced that the next stress testing exercise is expected to be launched at the end of January 2021 and its results are to be published at the end of July 2021.
PRA Proposes Guidance Related to Matching Adjustment under Solvency II
PRA published the consultation paper CP11/20 that sets out its expectations and guidance related to auditors’ work on the matching adjustment under Solvency II.
MAS Issues Guidance on Dividend Distributions by Banks
MAS published a statement guidance on dividend distribution by banks.
APRA Updates Guidance on Capital Management for Banks
APRA updated its capital management guidance for banks, particularly easing restrictions around paying dividends as institutions continue to manage the disruption caused by COVID-19 pandemic.
FSB Report Reviews Macro-Prudential Framework and Tools in Germany
FSB published a report that reviews the progress on data collection for macro-prudential analysis and the availability and use of macro-prudential tools in Germany.
EBA Urges Firms to Finalize Preparations for End of Brexit Transition
EBA issued a statement reminding financial institutions that the transition period between EU and UK will expire on December 31, 2020; this will end the possibility for the UK-based financial institutions to offer financial services to EU customers on a cross-border basis via passporting.
SRB on Operational Continuity in Resolution and FMI Contingency Plans
SRB published guidance on operational continuity in resolution and financial market infrastructure (FMI) contingency plans.
