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Agencies Extend "Living Will" Filing Deadline for Four Foreign Banks

The Board of Governors of the Federal Reserve System ("FRB") and the FDIC determined that the 2016 annual resolution plan filing of four foreign banking organizations ("FBOs") will be satisfied by the submission of the organizations' 2017 resolution plans, which are also known as "Living Wills."

The financial regulatory agencies noted that this extension was granted due to significant restructuring undertaken by the four companies in order for them to come into compliance with the FRB's Intermediate Holding Company ("IHC") requirement, which is also due on July 1, 2016. The agencies emphasized that certain IHC-required initiatives most likely will affect the firms' resolution plans and strategies.

The agencies provided assurances that they will present their feedback to the four FBOs regarding the FBOs' 2015 and 2017 resolution plans.

Primary Sources

  1. FRB Press Release
  2. FRB 2016 Voting Record
  3. FDIC Press Release

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Tags

Regulated Activities
Cross-Border Regulatory Reporting Liquidation Distribution Procedures
Sub-Activity
Regulation K, Resolution Plans, Crowdfunding
Regulated Entities
Banking Organizations Foreign Entities Banking Entities
Sub-Entity
Foreign Banking Organization
Body of Law
Banking Law
Jurisdiction
US - Federal
Organization
US Banking Regulators
Sub-Author
FDIC, Federal Reserve Board