On January 18, 2018, the Board of Governors of the Federal Reserve System 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 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 contains important guidance regarding how an FBO may be permitted to comply with Regulation YY.
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