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    FED Proposes to Revise and Extend Reporting Form on Systemic Risk

    September 10, 2019

    FED proposed to extend for three years, with revision, the Banking Organization Systemic Risk Report (FR Y-15; OMB No. 7100-0352). The FR Y-15 quarterly report collects systemic risk data from U.S. bank holding companies, covered savings and loan holding companies, and intermediate holding companies with consolidated assets of USD 50 billion or more, along with from any U.S. bank holding company designated as a global systemically important bank (G-SIB). The consultation period ends on November 12, 2019 and the proposed changes would be effective for reports reflecting the December 31, 2019 report date. FED also published draft versions of the OMB supporting statement, reporting form, and reporting instructions for FR Y-15.

    FR Y-15 report is used to monitor the systemic risk profile of the institutions that are subject to enhanced prudential standards under section 165 of the Dodd-Frank Act. The estimated number of respondents for the proposal is 37.  FED proposes to revise FR Y-15 by:

    • Adding trading volume items to the memoranda section of Schedule C (substitutability indicators) to capture the trading of securities issued by public sector entities, other fixed income securities, listed equities, and other securities. The proposed trading volume memoranda items are necessary to capture bank activities in the secondary market, identifying potential sources of disruption to market liquidity.
    • Adding a separate line item for equity securities with readily determinable fair values not held for trading on Schedule D (complexity indicators). To make the FR Y-15 report consistent with the FASB Accounting Standards Update (ASU) 2016-01 on recognition and measurement of financial assets and financial liabilities, the proposal would revise the reporting forms and instructions by adding a new data item (6) to Schedule D to separate and reclassify equity securities with readily determinable fair values from the available for sale category. This proposed change is consistent with the change that has already been made to the FR Y-9C report forms and instructions.
    • Adding foreign derivative claims, total cross-jurisdictional claims, foreign derivative liabilities, other foreign liabilities, and total cross-jurisdictional liabilities to the memoranda section of Schedule E (cross-jurisdictional activity indicators). The proposal would add new memoranda items to Schedule E to capture foreign derivative liabilities and other foreign liabilities on an immediate risk basis. The sum of these two items would be captured separately as total cross-jurisdictional liabilities. The proposal would also add memoranda items to capture foreign derivative claims on an ultimate risk basis and total cross-jurisdictional claims. These changes would harmonize data for claims and liabilities across jurisdictions.
    • Adding a requirement that respondents keep a record of the data submitted.
    • Making other minor clarifications to the form and instructions.

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    Comment Due Date: November 12, 2019

    Keywords: Americas, US, Banking, FR Y-15, Systemic Risk, Dodd-Frank Act, G-SIB, Reporting, IFRS 9, FED

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