Federal Reserve Issues Guidance On Implementation Plans And Other Enhanced Prudential Standards For Foreign Banking Organizations

On June 26, 2014, the Federal Reserve Board ("Board") published on its website responses to frequently asked questions ("FAQs") relating to enhanced prudential standards under Section 165 of the Dodd-Frank Act and its implementing Regulation YY. The FAQs were collected by Board staff during an industry outreach call or were otherwise asked by foreign banking organizations ("FBOs"). The FAQs relate to the implementation plan, U.S. structure, regulatory reporting, capital adequacy, capital stress testing, risk management, liquidity, and other topics relating to Regulation YY applicable to FBOs. The Board indicated that additional categories may be added as these FAQs are updated, and that the FAQs are not official interpretations.