US Agencies Extend Deadline for Certain Resolution Plan Submissions
US Agencies (FED and FDIC) announced that they have extended the next resolution plan filing deadline for a designated nonbank to December 31, 2019 and the deadline for four foreign banking organizations to July 01, 2020. Earlier, the four foreign banking organizations—Barclays PLC, Credit Suisse Group AG, Deutsche Bank AG, and UBS AG—were required to submit their next plans by July 01, 2019. Prudential Financial Inc., the designated nonbank, was required to submit its plan on December 31, 2018, pursuant to a previous extension.
The extensions will allow agencies to have additional time to provide feedback to the firms on their last submissions and for the firms to produce their next plans. Resolution plans, required by the Dodd-Frank Act and commonly known as living wills, must describe the company's strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure of the company. For foreign banking organizations, resolution plans are focused on their U.S. operations.
Additionally, FDIC announced that it has extended the next filing due date for all insured depository institution resolution plan submissions to no sooner than July 01, 2020. These plans are required by FDIC regulation and are designed to enable FDIC, as receiver, to resolve an institution under the Federal Deposit Insurance Act in a way that provides depositors timely access to insured deposits, maximizes net present value return, and minimizes creditor losses. The extensions granted by the agencies are consistent with the time provided to other resolution plan filers to allow at least two years between resolution plan submissions.
Related Link: Joint Press Release
Keywords: Americas, US, Banking, Resolution Plans, Dodd Frank Act, Extension of Deadline, FED, FDIC
Previous Article
GLEIF Issues Global LEI System Business Report in November 2018Related Articles
PRA Guides Further on Treatment of Payment Deferrals in CRR and IFRS 9
PRA published a "Dear CEO" letter from Sam Woods, its Deputy Governor and CEO, to update the March guidance on treatment of COVID-19-related payment deferrals under IFRS 9 and the Capital Requirements Regulation (CRR).
MAS Announces Additional Relief Measures Amid COVID Crisis
MAS, along with the Ministry of Finance (MOF), the Inland Revenue Authority of Singapore (IRAS), and the Enterprise Singapore (ESG), announced a package of measures to support those that may face cash-flow constraints.
ESMA Consults on Guidelines for Cloud Outsourcing
ESMA published a consultation paper on guidelines on outsourcing to cloud service providers.
EBA to Release Data for 2020 Spring Transparency Exercise Next Week
EBA announced that it will release the bank-by-bank data of the Spring 2020 EU-wide transparency exercise on Monday, June 8.
PRA Issues Statement on Use of E-Signatures to Submit Regulatory Forms
PRA issued a statement confirming that firms may use electronic signatures for submission of forms and other regulatory documents, although in specific instances PRA may request a "wet signature" where it is appropriate to do so.
EBA to Require Additional Reporting and Disclosures for COVID Measures
EBA published the guidelines and templates for reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
FCA Guidance Confirms Support for Mortgage Customers Amid Crisis
FCA updated its guidance confirming the support firms should give to mortgage customers that are either coming to the end of a payment holiday or are yet to request one.
US Agencies Temporarily Amend Supplementary Leverage Ratio Calculation
US Agencies (FDIC, FED, and OCC) published an interim final rule that temporarily revises the supplementary leverage ratio calculation for depository institutions.
APRA FAQ for Standard on Margins for Non-Centrally Cleared Derivatives
APRA published a frequently asked question (FAQ) providing guidance to all APRA-regulated entities in determining their requirements under the prudential standard CPS 226 on margins and risk mitigation for non-centrally cleared derivatives.
EBA Proposes Revised Standards for Own Funds and Eligible Liabilities
EBA published a consultation paper on the draft amended regulatory technical standards on own funds and eligible liabilities.
