On Mar. 29, Fed revised foreign banking organizations (FBOs) reports.
Fed proposed to extend for three years, with revision, the Structure Reporting and Recordkeeping Requirements for Domestic and Foreign Banking Organizations (FBOs).
Proposed to revise form FR Y-7, which collects financial and organizational information from qualifying FBOs; no proposed changes to FR Y-6, FR Y-10, or FR Y-10E forms.
Revised annual reports from holding companies (FR Y-6), and foreign banks (FR Y-7).
Also revised to event-generated report, changes in organizational structure (FR Y-10).
Follows prior updates and extensions to the reporting forms, see rule #29502.
Revisions
Proposes to revise the FR Y-7 report by adding an electronic submission option and adding standard templates for a portion of reporting item one, financial statements.
Also for a portion of item two, organization chart, all of item three, shares and shareholders, all of item four, eligibility as a qualified foreign banking organization,
Also proposed electronic submission for item five, prudential standards compliance.
Lastly, the Board proposes to make other minor clarifications and conforming edits.
Consultation
Comments must be submitted on or before May 28, 2024.
Effectiveness
Proposed effective date for the changes is Dec. 31, 2024.
Dec. 6, 2024 Fed Approval
On Dec. 6, 2024, Fed published approval of the extension, effective Dec. 31, 2024.
