[Federal Register Volume 78, Number 39 (Wednesday, February 27, 2013)]
[Proposed Rules]
[Pages 13294-13295]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-04497]
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FEDERAL RESERVE SYSTEM
12 CFR Part 252
[Regulation YY; Docket No. 1438]
RIN 7100-AD-86
Enhanced Prudential Standards and Early Remediation Requirements
for Foreign Banking Organizations and Foreign Nonbank Financial
Companies
AGENCY: Board of Governors of the Federal Reserve System (Board).
ACTION: Proposed rule; extension of comment period.
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SUMMARY: On December 28, 2012, the Board published in the Federal
Register a notice of proposed rulemaking to implement the enhanced
prudential standards required to be established under section 165 of
the Dodd-Frank Act and the early remediation requirements established
under section 166 of the Act for foreign banking organizations and
foreign nonbank financial companies supervised by the Board.
Due to the range and complexity of the issues addressed in the
rulemaking, the Board has determined that an extension of the public
comment period until April 30, 2013, is appropriate. This action will
allow interested persons additional time to analyze the proposed rules
and prepare their comments.
DATES: The comment period for the proposed rule published December 28,
2012 (77 FR 76628) is extended from March 31, 2013 to April 30, 2013.
ADDRESSES: You may submit comments by any of the methods identified in
the proposed rule.\1\ Please submit your comments using only one
method.
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\1\ See Enhanced Prudential Standards and Early Remediation
Requirements for Foreign Banking Organizations and Foreign Nonbank
Financial Companies, 77 FR 76628 (December 28, 2012).
FOR FURTHER INFORMATION CONTACT: Molly E. Mahar, Adviser, (202) 973-
7360, Division of Banking Supervision and Regulation; Ann Misback,
Associate General Counsel, (202) 452-3788, or Christine Graham, Senior
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Attorney, (202) 452-3005, Legal Division.
SUPPLEMENTARY INFORMATION: On December 28, 2012, the Board published in
the Federal Register a notice of proposed rulemaking to implement the
enhanced prudential standards required to be established under section
165 of the Dodd-Frank Act and the early remediation requirements
established under section 166 of the Act for foreign banking
organizations and foreign nonbank financial companies supervised by the
Board. The enhanced prudential standards include risk-based capital and
leverage requirements, liquidity standards, risk management and risk
committee requirements, single-counterparty credit limits, and stress
test requirements, and a debt-to-equity limit for companies that the
Financial Stability Oversight Council has determined pose a grave
threat to financial stability.
In recognition of the complexities of the issues addressed and the
variety of considerations involved with implementation of the proposal,
the Board requested that commenters respond to numerous questions. The
proposed rule stated that the public comment period would close on
March 31, 2013.\2\
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\2\ Id.
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The Board has received a request from the public for an extension
of the comment period to allow for additional time for comments related
to the provisions of the proposed rule.\3\ The Board believes that the
additional period for comment will facilitate public comment on the
provisions of the proposed rule and the questions posed by the Board.
Therefore, the Board is extending the end of the comment
[[Page 13295]]
period for the proposed rule from March 31, 2013 to April 30, 2013.
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\3\ See, e.g., Comment letter to the Board from The Institute of
International Bankers et al. (January 31, 2013).
By order of the Board of Governors of the Federal Reserve
System, acting through the Secretary of the Board under delegated
authority, February 22, 2013.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2013-04497 Filed 2-26-13; 8:45 am]
BILLING CODE 6210-01-P