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Federal Register / Vol. 86, No. 171 / Wednesday, September 8, 2021 / Notices
jbell on DSKJLSW7X2PROD with NOTICES

should be invited to participate in this survey.
Therefore, the Board proposes to add a new check box, Memorandum item 5, Does your holding company have 100
or more full-time equivalent employees on a consolidated basis? to Schedule SI, Income Statement of the FR Y9SP
report. The addition of this item on the FR Y9SP would enable OMWI to have a comprehensive list of the institutions with full-time equivalent employees of 100 or more on a consolidated basis.
The proposed data item would only be collected from top tier holding companies and would be collected only on the report for the December 31 as-of date. Given that the additional information to be reported should be easily obtainable, the Board expects a small burden increase for reporters.
Brokered Deposits Glossary Entries The FR Y9C instructions Glossary defines Brokered Deposits and Brokered Retail Deposits consistent with section 29g of the Federal Deposit Insurance Act FDI Act and the FDICs brokered deposits regulation.4 Under these definitions, the meaning of the term brokered deposit references the defined term deposit broker. On January 22, 2021, the FDIC published in the Federal Register a final rule to amend its brokered deposits regulation brokered deposits final rule,5 which established a new framework for analyzing certain provisions of the deposit broker definition in the FDI
Act.6 The brokered deposits final rule clarified the term deposit broker and the analysis of whether entities are engaged in the business of placing, or facilitating the placement of, deposits.
The revised FDIC regulation describes exceptions to the definition of deposit broker including when the primary purpose of an agents or nominees business relationship with its customers is not the placement of funds with depository institutions primary purpose exception. The brokered deposits final rule introduced in the FDICs regulation a list of business relationships that are designated as meeting the primary purpose exception.
In February 2021, the Federal Financial Institutions Examination Council proposed changes to the Call Reports forms and instructions consistent with the brokered deposits final rule and proposed conforming clarifications in the Call Reports Glossary.
To provide clarity for respondents, the Board is proposing to revise the FR

Y9C Glossary instructions to incorporate changes under the brokered deposits final rule consistent with the proposed Call Report revisions.
Specifically, the Board proposes to reorder the content of the Glossary entries for Brokered Deposits and Brokered Retail Deposits, to incorporate the revised content of the FDIC regulation, and to update reference to the FDIC insurance limit of $250,000.
The Board is not proposing otherwise to revise the FR Y9C form or instructions in respect to brokered deposits.
SACCR Check Box On January 24, 2020, the agencies issued a final rule 7 SACCR final rule that amends the regulatory capital rule to implement a new approach for calculating the exposure amount for derivatives contracts for purposes of calculating the total risk-weighted assets RWA, which is called SACCR. The final rule also incorporates SACCR into the determination of the exposure amounts of derivatives for total leverage exposure under the supplementary leverage ratio and the cleared transaction framework under the capital rule.
Holding companies that are not advanced approaches banking organizations 8 may elect to use SACCR
to calculate standardized total RWA by notifying the Board.9 Advanced approaches holding companies are required to use SACCR to calculate standardized total RWA starting on January 1, 2022. Advanced approaches holding companies may adopt SACCR
prior to January 1, 2022, but must notify the Board of their early adoption.10
The Board proposes to revise the FR
Y9C forms and instructions by adding new line item 31.b, Standardized Approach for Counterparty Credit Risk opt-in election. The Board is proposing to add this new item to identify holding companies that have chosen to early adopt or voluntarily elect SACCR, which would allow for enhanced comparability of the reported derivative data and for better supervision of the implementation of the framework at these holding companies. Due to the inherent complexity of adopting SA
CCR, this identification is particularly important for non-advanced approaches institutions that choose to voluntarily adopt SACCR.
A non-advanced approaches holding company that adopts SACCR would 7 See
85 FR 4362 January 24, 2021.
12 CFR 217.2 defining Advanced approaches Board-regulated institution.
9 12 CFR 217.34a1ii.
10 12 CRF 217.300h.
8 See
4 12

CFR 337.6
FR 6742 Jan. 22, 2021.
6 12 U.S.C. 1831fg.
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enter 1 for Yes in line item 31.b.
All other non-advanced approaches holding companies would leave this item blank. If a non-advanced approaches holding company has elected to use SACCR, the holding company may change its election only with prior approval of the Board.11 An advanced approaches holding company that elects to early adopt SACCR prior to the January 1, 2022, mandatory compliance date would enter 1 for Yes in line item 31.b. After January 1, 2022, an advanced approaches holding company would leave this item blank.
This proposed reporting change would take effect starting with the December 31, 2021, FR Y9C report. This item would no longer be applicable to advanced approaches holding companies starting with the March 31, 2022, report date. There would be no material change in burden to the FR Y
9C report related to this revision.
Legal authorization and confidentiality: The reporting and recordkeeping requirements associated with the Y9 series of reports are authorized for BHCs pursuant to section 5 of the Bank Holding Company Act BHC Act; 12 for SLHCs pursuant to section 10b2 and 3 of the Home Owners Loan Act; 13 for IHCs pursuant to section 5 of the BHC Act, as well as pursuant to sections 102a1 and 165
of the Dodd-Frank Wall Street Reform and Consumer Protection Act DoddFrank Act; 14 and for securities holding companies pursuant to section 618 of the Dodd-Frank Act.15
Except for the FR Y9CS report, which is collected on a voluntary basis, the obligation to submit the remaining reports in the FR Y9 series of reports and to comply with the recordkeeping requirements set forth in the respective 11 12

CFR 217.34a1ii.
U.S.C. 1844.
13 12 U.S.C. 1467ab2 and 3.
14 12 U.S.C. 5311a1 and 5365. Section 165b2 of Title I of the Dodd-Frank Act, 12 U.S.C.
5365b2, refers to foreign-based bank holding company. Section 102a1 of the Dodd-Frank Act, 12 U.S.C. 5311a1, defines bank holding company for purposes of Title I of the Dodd-Frank Act to include foreign banking organizations that are treated as bank holding companies under section 8a of the International Banking Act, 12
U.S.C. 3106a. The Board has required, pursuant to section 165b1Biv of the Dodd-Frank Act, 12
U.S.C. 5365b1Biv, certain foreign banking organizations subject to section 165 of the DoddFrank Act to form U.S. intermediate holding companies. Accordingly, the parent foreign-based organization of a U.S. IHC is treated as a BHC for purposes of the BHC Act and section 165 of the Dodd-Frank Act. Because section 5c of the BHC
Act authorizes the Board to require reports from subsidiaries of BHCs, section 5c provides additional authority to require U.S. IHCs to report the information contained in the FR Y9 series of reports.
15 12 U.S.C. 1850ac1A.
12 12

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