Final federal reserve rules for foreign banking organisations
By Joseph T Lynyak, III and Rodney R Peck
This alert describes the final regulations issued by the Federal Reserve Board (FRB) on 18 February 2014 that radically modify the former requirements applicable to foreign banking organisations (FBOs) pursuant to the FRB’s Regulation K. The final rules impose various requirements on large FBOs that previously have been applied to large US domestic bank holding companies and banks under the Dodd-Frank Act. In addition, however, the final rules also alter many of the former approaches to the regulation of FBOs in general, including the necessity for many FBOs to form ‘US intermediate holding companies’ for their US operations.
Regardless of the category an FBO falls into, the final rules present significant additional compliance burdens.
In December 2012, the FRB issued for public comment a proposed comprehensive modification to the rules governing the operations of FBOs in the US. Premised upon very broad interpretations of sections 165 and 166 of the Dodd-Frank Act, the FRB proposed to create an enhanced prudential standards scheme to apply to FBOs — with a layering of increased structural and operational procedures and substantive compliance requirements based upon the amount of an FBO’s global and US-based assets. Among other things, these proposed requirements addressed the following…
Click on the link below to read the rest of the Pillsbury briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Pillsbury Winthrop Shaw Pittman
News from The Lawyer
Briefings from Pillsbury Winthrop Shaw Pittman
This article explores some current healthcare financing trends and speculates on what they may portend for work in a healthcare restructuring professional’s ‘pipeline’.
This broadcast station advisory highlights the upcoming deadlines for compliance with the FCC’s EEO rule.