Foreign Banking Foreign Banking Organization Organization Seminar Seminar Federal Reserve Bank of New York Federal Reserve Bank of New York Statistics Function Statistics Function Banking Structure Division Banking Structure Division April 9, 2008 April 9, 2008
Introduction Introduction Violet Cumberbatch Violet Cumberbatch Banking Structure Division Banking Structure Division 1 1 1 1 1 1
Agenda Agenda � Package Contents � Package Contents � Purpose � Purpose ………….… Violet Cumberbatch Monitoring of Reports ………….… � Monitoring of Reports � Violet Cumberbatch � Annual Report of Foreign Banking Organizations � Annual Report of Foreign Banking Organizations …………....................... Corona Johnson Brissett 7 …………....................... FR Y- -7 FR Y Corona Johnson Brissett � Federal Reserve Bank of New York’s Annual � Federal Reserve Bank of New York’s Annual ............. Diana Hall Review of the FR Y- -7 Report 7 Report ............. Review of the FR Y Diana Hall ………………………. Panel � Q & A Session Q & A Session ………………………. � Panel 2 2 2 2 2 2
Package Contents Package Contents � Presentation Notes � Presentation Notes � FR Y � FR Y- -7 7 � � Form, Instructions, and Glossary Form, Instructions, and Glossary � Tier Report Review Instructions for � Tier Report Review Instructions for Foreign Banking Organizations Foreign Banking Organizations � Question Cards � Question Cards � Limited Exemption Handout � Limited Exemption Handout � Evaluation Form � Evaluation Form � � Fax number: (212) 720- Fax number: (212) 720 -5028 5028 � � E- E -mail address: violet.cumberbatch@ny.frb.org mail address: violet.cumberbatch@ny.frb.org 3 3 3 3 3 3
Purpose � To familiarize respondents with the structure reporting requirements for the FR Y-7 4 4 4 4 4 4
Monitoring of Reports � To ensure that reports are filed in a timely manner and are accurate and not misleading 5 5 5 5 5 5
Annual Report of Annual Report of Foreign Banking Organizations Foreign Banking Organizations FR Y- -7 7 FR Y Corona Johnson Brissett Corona Johnson Brissett Banking Structure Division Banking Structure Division 6 6 6 6 6 6
Overview Overview � General Instructions � General Instructions � Cover Page � Cover Page � Checklist � Checklist � Tiered Foreign Banking Organizations Page � Tiered Foreign Banking Organizations Page � Report Item Instructions � Report Item Instructions � Glossary � Glossary 7 7 7 7 7 7
General Instructions General Instructions 8 8 8 8 8 8
General Instructions General Instructions � � Who Must Report: Who Must Report: An FBO, which is termed a reporter for purposes of the FR Y- -7, 7, An FBO, which is termed a reporter for purposes of the FR Y is required to file this report unless unless it does not meet the it does not meet the is required to file this report requirements of and is not treated as a qualifying FBO under requirements of and is not treated as a qualifying FBO under Section 211.23 of Regulation K Section 211.23 of Regulation K Note: An FBO that does not meet this definition must file the Annual nual Note: An FBO that does not meet this definition must file the An Report of Bank Holding Companies - Report of Bank Holding Companies - FR Y FR Y- -6 6 9 9 9 9 9 9
General Instructions General Instructions � � Who Must Report: Who Must Report: Note: An FBO that is an FR Y- -7 Reporter must report in 7 Reporter must report in Note: An FBO that is an FR Y Report Item 2, Organization Chart of the FR Y- -6, Annual 6, Annual Report Item 2, Organization Chart of the FR Y Report of Bank Holding Companies, any interests the FBO Report of Bank Holding Companies, any interests the FBO holds through a bank holding (BHC) organized under U.S. law holds through a bank holding (BHC) organized under U.S. law 10 10 10 10 10 10
General Instructions General Instructions � Who Must Report: � Who Must Report: Tiered Reporting Tiered Reporting FBOs that are direct or indirect subsidiaries of another FBO FBOs that are direct or indirect subsidiaries of another FBO may satisfy the reporting requirements of the FR Y may satisfy the reporting requirements of the FR Y- -7 by 7 by providing the required information as part of the submission providing the required information as part of the submission of the top- -tier FBO tier FBO of the top 11 11 11 11 11 11
General Instructions General Instructions Tiered Reporting Tiered Reporting First Foreign Corporation London, England 1 0 0 % First Foreign Bank Edinburgh, Scotland 1 0 0 % Second Foreign Bank London, England 1 0 0 % New York Branch Am erican Holding Com pany New York, New York New York, New York 12 12 12 12 12 12
General Instructions General Instructions � Who Must Report: � Who Must Report: Tiered Reporting Tiered Reporting � � Subsidiary FBOs included within a tiered report are not not required to required to Subsidiary FBOs included within a tiered report are complete the following items, if the responses would duplicate the he complete the following items, if the responses would duplicate t information provided by the top- -tier FBO: tier FBO: information provided by the top � � Report Item 1 Report Item 1 - - Financial Information Regarding the Foreign Financial Information Regarding the Foreign Banking Organization or Banking Organization or � Report Item 2 � Report Item 2 - - Organization Information for the FBO Organization Information for the FBO 13 13 13 13 13 13
General Instructions General Instructions � Who Must Report: � Who Must Report: Tiered Reporting Tiered Reporting � � All FBOs included within a tiered report must All FBOs included within a tiered report must respond individually to: respond individually to: � Report Item 3 � Report Item 3 - - Shares and Shareholders Shares and Shareholders 14 14 14 14 14 14
General Instructions General Instructions � Who Must Report: � Who Must Report: Tiered Reporting Tiered Reporting � � The top- -tier FBO is responsible for completing: tier FBO is responsible for completing: The top � Report Item 4 � Report Item 4 - - Eligibility as a Qualified Foreign Banking Eligibility as a Qualified Foreign Banking Organization Organization Note: If limited exemption is claimed, a response to Report Item 4 is also m 4 is also Note: If limited exemption is claimed, a response to Report Ite required for all foreign banks that are FBOs within the tiered o required for all foreign banks that are FBOs within the tiered organization. rganization. 15 15 15 15 15 15
General Instructions General Instructions � Who Must Report: � Who Must Report: Tiered FBOs with Different Fiscal Year Ends Tiered FBOs with Different Fiscal Year Ends When: When: � The top � The top- -tier FBO is filing a tiered report with a lower tier FBO is filing a tiered report with a lower- -tier FBO and tier FBO and � The lower � The lower- -tier FBO has a different fiscal year end tier FBO has a different fiscal year end Then: Then: � The FR Y � The FR Y- -7 Report is to be prepared as of the top 7 Report is to be prepared as of the top- -tier FBO’s fiscal year end tier FBO’s fiscal year end Top-Tier FBO 1 2 / 3 1 FYE Low er-Tier FBO 9 / 3 0 FYE 16 16 16 16 16 16
General Instructions General Instructions � Who Must Report: � Who Must Report: Copies of this form and instructions may be obtained on the Copies of this form and instructions may be obtained on the Federal Reserve’s public web site (www.federalreserve.gov) Federal Reserve’s public web site (www.federalreserve.gov) Contact the Federal Reserve Bank in the district where the Contact the Federal Reserve Bank in the district where the Reporter submits its FR Y- -7 to obtain additional information 7 to obtain additional information Reporter submits its FR Y 17 17 17 17 17 17
General Instructions General Instructions � Where to Submit the Report: � Where to Submit the Report: � � Reports should be submitted to the appropriate Federal Reserve Reports should be submitted to the appropriate Federal Reserve Bank Bank � � The original and number of copies of the completed report required The original and number of copies of the completed report requir ed by the appropriate Reserve Bank should be submitted by the appropriate Reserve Bank should be submitted � FRBNY requires the original and three copies � FRBNY requires the original and three copies � � Reports must be: Reports must be: � Clear and legible � Clear and legible � Submitted in ink or typewritten form � Submitted in ink or typewritten form Note: The appropriate FRB for an FBO that has no subsidiary bank and is not a bank holding company is the Reserve Bank of the District in which the total assets of the organization’s U.S. branches, agencies, commercial lending companies, and Edge and agreement corporations are the largest, and for an FBO that is a bank holding company, it is determined by the location of the banking operations of its subsidiary bank, as measured in total domestic deposits, on the date the FBO becomes a bank holding company. 18 18 18 18 18 18
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