Sections 225.15 and 225.17 of Regulation Y (Subpart B - Acquisition of Bank Securities or Assets)
Who must file?
A company proposing to become a bank holding company must apply for the Board's prior approval under section 3 of the Bank Holding Company Act and section 225.15 of Regulation Y. However, the formation of a one-bank holding company may qualify for prior notice if the proposal meets the criteria in section 225.17(a).
Publication requirements - newspaper/Federal Register
Pursuant to section 225.16, the applicant must publish a notice in the relevant local newspaper(s) and the Federal Reserve will publish a notice in the Federal Register for proposals submitted under section 225.15. No publication is required for notices submitted under section 225.17.
For notices submitted under section 225.17, provide the information required in Form FR Y-3N. For applications submitted under section 225.15, provide the information required in Form FR Y-3. For applications submitted by foreign organization, provide the information required in Form FR Y-3F. Some filings require filing Interagency Biographical and Financial Reports (IBFRs), FR 2081c. Filers are encouraged to submit IBFRs prior to the initial filing to allow for initiation of name checks and to provide fingerprints, when required. The Reserve Bank will provide instructions for completing the fingerprinting process. Note that a response should be provided for all report items. Please enter “not applicable” or “N/A,” where appropriate.
Processing time frames
Transactions qualifying for the one-bank holding company formation procedures may be consummated 30 days after the notice is received by the Federal Reserve and the Reserve Bank or the Board has not objected to the proposal during that time.
For one-bank holding company formations proposals, the factors are provided in section 225.17(a).
Formation proposals under section 225.17 may be consummated immediately.
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