On January 18, 2018, the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) announced the approval of proposed revisions to the Annual Report of Foreign Banking Organizations (“FR Y-7”). The revisions were proposed and adopted to enable foreign banking organizations (“FBOs”) to comply with certain certification requirements contained in Regulation YY. Regulation YY imposes enhanced prudential standards on FBOs that meet certain asset thresholds. In addition, the announcement of the revised FR Y-7 (the “Adopting Release”) contains important guidance regarding how an FBO may be permitted to comply with Regulation YY.

The revisions to the FR Y-7 are effective beginning with FR Y-7 reports submitted for fiscal year-ends that end on or after March 1, 2018. The revisions are generally being adopted as proposed on December 2, 2015.