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Can you summarize 12 CFR Part 243?
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM > RESOLUTION PLANS (REGULATION QQ)
Short Summary
The provided legal document content pertains to Resolution Plans for covered companies under the jurisdiction of the Board of Governors of the Federal Reserve System. These documents are issued pursuant to section 165(d)(8) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and establish rules and requirements regarding the submission and content of a resolution plan, as well as procedures for review by the Board and Corporation of a resolution plan. The documents define various terms related to the covered company’s status, asset thresholds, and multi-tiered holding company structures. They also outline the requirements for full resolution plans, targeted resolution plans, and reduced resolution plans, specifying the content that should be included in each type of plan. The documents further govern the identification of critical operations by covered companies, the review and resubmission of deficient resolution plans, and the enforcement of orders jointly issued by the Board and Corporation. The documents do not mention specific exemptions or penalties for non-compliance or violations.
Whom does it apply to?
Nonbank financial companies supervised by the Board, global systemically important BHCs, bank holding companies, foreign banks or companies treated as bank holding companies, and additional covered companies as determined by 243.13
What does it govern?
Resolution Plans for covered companies
What are exemptions?
Foreign-based covered companies have a limited exemption from the process and methodology requirement until July 1, 2021 if no identified critical operation exists.
What are the Penalties?
The documents do not mention specific penalties for non-compliance or violations.
Jurisdiction
U.S. Federal Government