On April 4, 2016, the Federal Reserve Board proposed changes to various reporting forms, including FR Y-7N, FR Y-7NS and FR Y-7Q, requiring collection of fourteen new data items to monitor compliance with enhanced prudential standards for foreign banking organizations. The new data items, adopted pursuant to Subparts N and O of Regulation YY, would be used to determine whether an FBO with total consolidated assets of $50 billion or more meets capital adequacy standards at the consolidated parent company level that are consistent with the Basel capital framework.
The proposed revisions would be effective September 30, 2016, and, for certain items, March 31, 2018. Comments to the Federal Reserve Board proposal are due by June 3, 2016.
The proposal is available at: https://www.gpo.gov/fdsys/pkg/FR-2016-04-04/pdf/2016-07545.pdf.
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