Sunshine Act Meeting, 32169 [2019-14436]

Download as PDF Federal Register / Vol. 84, No. 129 / Friday, July 5, 2019 / Notices Management Project, Contact: Quinn Carver 406–283–7695. Revision to FR Notice Published 08/25/2017; Officially Withdrawn per request of the submitting agency. Dated: July 1, 2019. Robert Tomiak, Director, Office of Federal Activities. [FR Doc. 2019–14323 Filed 7–3–19; 8:45 am] BILLING CODE 6560–50–P FEDERAL ELECTION COMMISSION Sunshine Act Meeting Tuesday, July 9, 2019 at 10:00 a.m. and its continuation at the conclusion of the open meeting on July 11, 2019. PLACE: 1050 First Street NE, Washington, DC. STATUS: This meeting will be closed to the public. MATTERS TO BE CONSIDERED: Compliance matters pursuant to 52 U.S.C. 30109. Information the premature disclosure of which would be likely to have a considerable adverse effect on the implementation of a proposed Commission action. Matters concerning participation in civil actions or proceedings or arbitration. CONTACT PERSON FOR MORE INFORMATION: Judith Ingram, Press Officer, Telephone: (202) 694–1220. TIME AND DATE: Laura E. Sinram, Acting Secretary and Clerk of the Commission. [FR Doc. 2019–14436 Filed 7–2–19; 11:15 am] BILLING CODE 6715–01–P FEDERAL RESERVE SYSTEM [Docket No. OP–1666] jbell on DSK3GLQ082PROD with NOTICES Announcement of Financial Sector Liabilities Section 622 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, implemented by the Board’s Regulation XX, prohibits a merger or acquisition that would result in a financial company that controls more than 10 percent of the aggregate consolidated liabilities of all financial companies (‘‘aggregate financial sector liabilities’’). Specifically, an insured depository institution, a bank holding company, a savings and loan holding company, a foreign banking organization, any other company that controls an insured depository institution, and a nonbank financial VerDate Sep<11>2014 17:54 Jul 03, 2019 Jkt 247001 company designated by the Financial Stability Oversight Council (each, a ‘‘financial company’’) is prohibited from merging or consolidating with, acquiring all or substantially all of the assets of, or acquiring control of, another company if the resulting company’s consolidated liabilities would exceed 10 percent of the aggregate financial sector liabilities.1 Pursuant to Regulation XX, the Federal Reserve will publish the aggregate financial sector liabilities by July 1 of each year. Aggregate financial sector liabilities equals the average of the year-end financial sector liabilities figure (as of December 31) of each of the preceding two calendar years. FOR FURTHER INFORMATION CONTACT: Sean Healey, Lead Financial Institution Policy Analyst, (202) 912–4611; Matthew Suntag, Counsel, (202) 452– 3694; for the hearing impaired, TTY (202) 263–4869. Aggregate Financial Sector Liabilities Aggregate financial sector liabilities is equal to $20,664,262,842,000.2 This measure is in effect from July 1, 2019 through June 30, 2020. Calculation Methodology Aggregate financial sector liabilities equals the average of the year-end financial sector liabilities figure (as of December 31) of each of the preceding two calendar years. The year-end financial sector liabilities figure equals the sum of the total consolidated liabilities of all top-tier U.S. financial companies and the U.S. liabilities of all top-tier foreign financial companies, calculated using the applicable methodology for each financial company, as set forth in Regulation XX and summarized below. Consolidated liabilities of a U.S. financial company that was subject to consolidated risk-based capital rules as of December 31 of the year being measured, equal the difference between its risk-weighted assets (as adjusted upward to reflect amounts that are deducted from regulatory capital elements pursuant to the Federal banking agencies’ risk-based capital rules) and total regulatory capital, as calculated under the applicable riskbased capital rules. Companies in this category include (with certain exceptions listed below) bank holding companies, savings and loan holding companies, and insured depository U.S.C. 1852(a)(2), (b). number reflects the average of the financial sector liabilities figure for the year ending December 31, 2017 ($20,487,047,614,000) and the year ending December 31, 2018 ($20,841,478,070,000). PO 00000 1 12 2 This Frm 00051 Fmt 4703 Sfmt 4703 32169 institutions. The Federal Reserve used information collected on the Consolidated Financial Statements for Holding Companies (FR Y–9C) and the Bank Consolidated Reports of Condition and Income (Call Report) to calculate liabilities of these institutions. Consolidated liabilities of a U.S. financial company not subject to consolidated risk-based capital rules as of December 31 of the year being measured, equal liabilities calculated in accordance with applicable accounting standards. Companies in this category include nonbank financial companies supervised by the Board, bank holding companies and savings and loan holding companies subject to the Federal Reserve’s Small Bank Holding Company Policy Statement, savings and loan holding companies substantially engaged in insurance underwriting or commercial activities, and U.S. companies that control insured depository institutions but are not bank holding companies or savings and loan holding companies. ‘‘Applicable accounting standards’’ is defined as Generally Accepted Accounting Principles (‘‘GAAP’’), or such other accounting standard or method of estimation that the Board determines is appropriate.3 The Federal Reserve used information collected on the FR Y–9C, the Parent Company Only Financial Statements for Small Holding Companies (FR Y–9SP), and the Financial Company Report of Consolidated Liabilities (FR XX–1) to calculate liabilities of these institutions. Section 622 provides that the U.S. liabilities of a ‘‘foreign financial company’’ equal the risk-weighted assets and regulatory capital attributable to the company’s ‘‘U.S. operations.’’ Under Regulation XX, liabilities of a foreign banking organization’s U.S. operations are calculated using the risk3 A financial company may request to use an accounting standard or method of estimation other than GAAP if it does not calculate its total consolidated assets or liabilities under GAAP for any regulatory purpose (including compliance with applicable securities laws). 12 CFR 251.3(e). In previous years, the Board received and approved requests from eleven financial companies to use an accounting standard or method of estimation other than GAAP to calculate liabilities. Ten of the companies are insurance companies that report financial information under Statutory Accounting Principles (‘‘SAP’’), and one is a foreign company that controls a U.S. industrial loan company that reports financial information under International Financial Reporting Standards (‘‘IFRS’’). For the insurance companies, the Board approved a method of estimation that was based on line items from SAP-based reports, with adjustments to reflect certain differences in accounting treatment between GAAP and SAP. For the foreign company, the Board approved the use of IFRS. Such companies that continue to be subject to Regulation XX continue to use the previously approved methods. The Board did not receive any new requests this year. E:\FR\FM\05JYN1.SGM 05JYN1

Agencies

[Federal Register Volume 84, Number 129 (Friday, July 5, 2019)]
[Notices]
[Page 32169]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-14436]


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FEDERAL ELECTION COMMISSION


Sunshine Act Meeting

TIME AND DATE:  Tuesday, July 9, 2019 at 10:00 a.m. and its 
continuation at the conclusion of the open meeting on July 11, 2019.

PLACE:  1050 First Street NE, Washington, DC.

STATUS:  This meeting will be closed to the public.

MATTERS TO BE CONSIDERED:  Compliance matters pursuant to 52 U.S.C. 
30109.
    Information the premature disclosure of which would be likely to 
have a considerable adverse effect on the implementation of a proposed 
Commission action.
    Matters concerning participation in civil actions or proceedings or 
arbitration.

CONTACT PERSON FOR MORE INFORMATION:  Judith Ingram, Press Officer, 
Telephone: (202) 694-1220.

Laura E. Sinram,
Acting Secretary and Clerk of the Commission.
[FR Doc. 2019-14436 Filed 7-2-19; 11:15 am]
 BILLING CODE 6715-01-P