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    FED Revises FR Y-9C; SEC Consults on Reporting for Securities Lending

    December 08, 2021

    The Board of Governors of the Federal Reserve System (FED) is adopting a proposal to revise and extend, for three years, the forms on financial statements for holding companies (FR Y-9 reports). As per the September 2021 proposal, the revisions relate to the standardized approach for counterparty credit risk (SA-CCR), brokered deposits, and contact information of Chief Executive Officers. The revisions become effective as of December 31, 2021. Additionally, the Securities and Exchange Commission (SEC) proposed a rule on reporting of securities lending information to a registered national securities association to increase the transparency and efficiency of the securities lending market; the comment period on SEC proposal ends on January 07, 2022.

    The Federal Register notice on FR Y-9 reports notes that FED did not receive any comments to the proposal to revise FR Y-9 reports and is, therefore, implementing the revisions as proposed. With respect to revisions related to SA-CCR, FED proposed to revise the FR Y-9C forms and instructions by adding the new line item 31.b titled “Standardized Approach for Counterparty Credit Risk opt-in election.” FED proposed to add this new item to identify holding companies that have chosen to either early adopt or voluntarily elect SA-CCR. Due to the inherent complexity of adopting SA-CCR, this identification is important for the non-advanced approaches institutions that choose to voluntarily adopt SA-CCR. A non-advanced approaches holding company that adopts SA-CCR would enter “1” for “Yes” in line item 31.b. All other non-advanced approaches holding companies would leave this item blank. An advanced approaches holding company that elects to early adopt SA-CCR prior to the January 01, 2022 mandatory compliance date would enter “1” for “Yes” in line item 31.b. After January 01, 2022, an advanced approaches holding company would leave this item blank. This item would have no longer been applicable to advanced approaches holding companies starting with the March 31, 2022, report date. As mentioned above, the revisions will be implemented as proposed.

     

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    Comment Due Date: January 07, 2022 (SEC Proposal)

    Effective Date: December 31, 2021 (FR Y-9)

    Keywords: Americas, US, Banking, Securities, Reporting, FR Y-9C, SA-CCR, Credit Risk, Standardized Approach, Brokered Deposits, Governance, Lending, Securities Lending, FED, SEC

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