Guidance for Resolution Plan Submissions of Certain Foreign-Based Covered Companies; Extension of Comment Period
On March 18, 2020, the Board and the FDIC (together, the agencies) published in the Federal Register a document entitled ``Guidance for Resolution Plan Submissions of Certain Foreign-Based Covered Companies'' (document). The document invited comments on proposed guidance for the 2021 and subsequent resolution plan submissions by certain foreign banking organizations. The proposed guidance is intended to assist these firms in developing their resolution plans, which are required to be submitted pursuant to Section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The document provided for a comment period ending on May 5, 2020. The agencies have determined that an extension of the comment period until June 4, 2020, is appropriate. This action will allow interested parties additional time to analyze the proposal and prepare and submit comments.