On Jan. 23, 2018, the Federal Reserve Board (FRB) published a release announcing revisions to the Annual Report of Foreign Banking Organizations (FR Y-7) that would enable foreign banking organizations (FBOs) to certify their compliance with U.S. risk committee and home-country capital stress testing requirements under FRB Regulation YY’s enhanced prudential standards. The FR Y-7 is an annual report submitted by qualifying FBOs to provide financial, organizational, shareholder and managerial information to the FRB. The FR Y-7 must be filed within four months after the end of an FBO’s fiscal year.
The revisions to the FR Y-7 were originally proposed in December 2015 (FR Y-7 Proposal)1 and have been generally adopted as proposed. The revisions become effective beginning with FR Y-7 reports for fiscal years ending on or after March 1, 2018.
In addition to revising the FR Y-7, the release responded to public comments received on the FR Y-7 Proposal and further clarified FBO compliance obligations under Regulation YY.
Attorney Advertising—Sidley Austin LLP is a global law firm. Our addresses and contact information can be found at www.sidley.com/en/locations/offices.
Sidley provides this information as a service to clients and other friends for educational purposes only. It should not be construed or relied on as legal advice or to create a lawyer-client relationship. Readers should not act upon this information without seeking advice from professional advisers. Sidley and Sidley Austin refer to Sidley Austin LLP and affiliated partnerships as explained at www.sidley.com/disclaimer.
© Sidley Austin LLP