The Federal Reserve’s proposed requirements for large US and non-US banking organizations to comply with enhanced supervisory requirements, required by Section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, were adopted in final form on February 18 in substantially the form proposed. Several revisions address negative comments, in some cases providing significant relief, but the general requirements were unchanged. Final implementation dates were extended in order to give affected organizations additional time to come into compliance.
The original proposals were issued in December 2011 for domestic organizations and December 2012 for non-US ones. The final regulation (“Final Regulation”) covers both proposals in a revised version of Regulation YY.
Please see full memo below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.