(a) Initial certification. The top-tier global systemically important
foreign banking organization with U.S. non-branch assets that equal
or exceed $50 billion must certify to the Board on the later of June
30, 2017, or one year prior to the date on which a covered IHC becomes
subject to the requirements of this subpart pursuant to section 252.160(b)
whether the planned resolution strategy of the top-tier foreign banking
organization involves the covered IHC or the subsidiaries of the covered
IHC entering resolution, receivership, insolvency, or similar proceedings
in the United States.
(b) Certification update. The top-tier global systemically important
foreign banking organization with U.S. non-branch assets that equal
or exceed $50 billion must provide an updated certification to the
Board upon a change in the resolution strategy described in the certification
provided pursuant to paragraph (a) of this section.
(c) Identification of a resolution covered
IHC. A covered IHC is a resolution covered IHC if the most recent
certification provided pursuant to paragraphs (a) and (b) of this
section indicates that the top-tier foreign banking organization’s
planned resolution strategy involves the covered IHC or the subsidiaries
of the covered IHC entering resolution, receivership, insolvency,
or similar proceedings in the United States.
(d) Identification of a non-resolution covered IHC. A covered IHC is a nonresolution covered IHC if the most recent
certification provided pursuant to paragraphs (a) and (b) of
this section indicates that the top-tier foreign banking organization’s
planned resolution strategy involves neither the covered IHC nor the
subsidiaries of the covered IHC entering resolution, receivership,
insolvency, or similar proceedings in the United States.
(e) Board determination. The Board may determine in its discretion that a non-resolution
covered IHC identified pursuant to paragraph (d) of this section is
a resolution covered IHC, or that a resolution covered IHC identified
pursuant to paragraph (c) of this section is a non-resolution covered
IHC.
(f) Transition.
(1) A covered IHC identified
as a resolution covered IHC pursuant to paragraph (b) of this section
or determined by the Board to be a resolution covered IHC pursuant
to paragraph (e) of this section must comply with the requirements
in this subpart applicable to a resolution covered IHC within 365
days (one year) after such identification or determination, unless
such time period is extended by the Board in its discretion.
(2) A covered IHC identified
as a nonresolution covered IHC pursuant to paragraph (b) of this section
or determined by the Board to be a nonresolution covered IHC pursuant
to paragraph (e) of this section must comply with the requirements
in this subpart applicable to a non-resolution covered IHC 365 days
(one year) after such identification or determination, unless such
time period is extended by the Board in its discretion.
