On Monday, April 4, 2016, the Board of Governors of the Federal Reserve System (“Federal Reserve”) proposed a revision to Form FR Y-7Q to incorporate the capital adequacy standard reporting requirements for foreign banking organizations (“FBOs”) in Subparts N and O of Regulation YY. Some new reporting items will be effective when FBOs file their September 30 FR Y-7Q later this year.

Section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 established new requirements for all large global banks that operate in the United States. On February 18, 2014, the Federal Reserve approved amendments to Regulation YY to implement certain enhanced prudential standards for FBOs and impose new reporting requirements. Some of the new reporting requirements, including the risk committee and stress testing certification requirements, were addressed in a recent proposal to revise Form FR Y-7.