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.
Sidley Austin LLP 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.
Attorney Advertising - For purposes of compliance with New York State Bar rules, our headquarters are Sidley Austin LLP, 787 Seventh Avenue, New York, NY 10019, 212.839.5300; One South Dearborn, Chicago, IL 60603, 312.853.7000; and 1501 K Street, N.W., Washington, D.C. 20005, 202.736.8000.