FED published the Federal Register notice extending for three years, with revision, the mandatory FR Y-9 family of reports on financial statements for holding companies. The FR Y-9 family of reports includes the reporting form FR Y-9C, which refers to the Consolidated Financial Statements for Holding Companies. FED had also posted an OMB supporting statement on FR Y-9C among others, on March 16, 2018. The accounting changes would be effective beginning with the reports reflecting the March 31, 2018 report date for changes related to equity securities and June 30, 2018 for all other changes.
FED had published a proposal to extend, with revision, the FR Y-9 family of reports in January 2018. The comment period for this proposal expired on March 05, 2018 and FED had received one comment from a banking association. FED is implementing a number of revisions to the FR Y-9C reporting requirements, most of which are consistent with the recent changes to the FFIEC Consolidated Reports of Condition and Income (FFIEC 031, FFIEC 041, and FFIEC 051). The revisions to the FR Y-9C include deletions, consolidations of existing data items into new data items, reductions in reporting frequency, and new and revised reporting thresholds for certain data items. The FED is also making changes to the reporting forms and instructions for the FR Y-9C to implement accounting changes related to equity securities under the Accounting Standards update on Recognition and Measurement of Financial Assets and Financial Liabilities (ASU No. 2016-01).
Effective Date: March 31, 2018 (changes on equity securities); June 30, 2018 (for other changes)
Keywords: Americas, US, Banking, Reporting, FR Y-9C, Dodd-Frank Act, FED
Previous ArticleBCBS Publishes Responses to Consultation on Market Risk Standards
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.
BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.
PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).
FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.
FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.
Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.