US
Federal Reserve FR Y-6 (Annual Report of Organization for U.S. Holding Companies)
The Federal Reserve has announced a new electronic system (Structure Central) for submitting the as-of 12/31/2024 FR Y-6 report. The new portal will provide reporters with a secure location to access their organization chart (item 2a), domestic branch listing (item 2b), and access standard downloadable templates for reporting securities holders (item 3) and insiders (item 4). In addition, it will provide a secure location for all FR Y-6 filers to submit electronically. Filers should identify and update their End User Authorization Contacts (EUACs), as the EUAC will be critical to application setup process and responsible for managing access.
The Bank Policy Institute (BPI) Issues Blog on FAQ Regarding Liquidity Internal Stress Tests
The BPI has issued a blog on the Federal Reserve’s Liquidity FAQ concerning how a firm demonstrates that it can monetize its Highly Liquid Assets (HLA) under each of Internal liquidity Stress Test (ILST) scenarios, as required by Regulation YY (Enhanced Prudential Standards). Large BHC’s with >=$100 billion in total consolidated assets are required by regulation to conduct ILSTs, reporting the results to their examiners at least monthly. The FAQ is consequential because banks will now be able to plan to meet a substantial portion of their projected immediate cash needs under stress by borrowing from the Federal Reserve.
The Securities and Exchange Commission (SEC) Issues Final Rule on Guidance on Open-End Fund Liquidity Risk Management Program and Fact Sheet on Forms N-PORT & N-CEN
The SEC is issuing a final rule and a fact sheet on Form N-PORT and Form N-CEN with guidance on open-end fund liquidity risk management programs. It requires timelier reporting of funds’ monthly portfolio holdings and related information to the SEC to promote regulatory monitoring and oversight of the fund industry for the benefit of fund investors. In addition, it requires information about service providers that open-end funds use to comply with liquidity risk management programs and practices. The amendments are effective on 11/17/2025, and fund groups with net assets of <$1 billion USD will have until 5/18/2026 to comply with the Form N-PORT revisions.
Canada
The Office of the Superintendent of Financial institutions (C-OSFI) Proposes Pillar III Disclosure Guidelines Including Crypto-Assets and Draft Forms for All Depository Institutions
The C-OSFI is proposing new Pillar 3 disclosure guidelines for both Domestic Systemically Important Banks (D-SIBs) and Small and Medium-sized Deposit-taking Institutions (SMSB). The 4 new D-SIB templates include a qualitative form (CAEA) on crypto-asset activities and 3 quantitative forms (CAE 1 through 3) requiring exposures, capital requirements, accounting classifications, and liquidity requirements. The 2 new SMSB templates include a qualitative form (CAEA) and a quantitative form (CAE1) requiring exposures and capital requirements. Comments on these are due by 10/22/2024, requiring crypto-asset regulatory data for all institutions beginning in 2026.
The BIS has published a Working Paper entitled "Climate Policies, Labor Markets, and Macroeconomic Outcomes in Emerging Economies"
The Bank of International Settlements (BIS) recently published a working paper that studies the labor market and macroeconomic effects of a carbon tax and climate policies on emerging economies. The paper concludes that 1) a carbon tax promotes adoption of green technologies and increases the share of green energy but also results in higher energy prices; 2) the ability of energy producers to adopt green technologies limits the adverse effects of a carbon tax; 3) a carbon tax-led increase in self-employment exacerbates the output and welfare losses from the tax; and 4) a joint policy that raises carbon tax can mitigate the negative labor market and macroeconomic effects, leading to a smoother transition to a lower-carbon economy.
