(a) In general.
(1) This subpart establishes
single counterparty credit limits for a covered company.
(2) For purposes of this subpart:
(i) Covered company means:
(A) A global systemically
important BHC;
(B) A Category II bank
holding company; and
(C) A Category
III bank holding company;
(ii) Major covered company means
any covered company that is a global systemically important BHC.
(b) Credit exposure
limits.
(1) Section
252.72 establishes credit exposure limits for a covered company and
a major covered company.
(2) A covered
company is required to calculate its aggregate net credit exposure,
gross credit exposure, and net credit exposure to a counterparty using
the methods in this subpart.
(c) Applicability of this subpart.
(1) (i) A company that is a covered
company as of October 5, 2018, must comply with the requirements of
this subpart, including but not limited to section 252.72, beginning
on July 1, 2020, unless that time is extended by the Board in writing.
(ii) Notwithstanding paragraph (c)(1)(i) of this section, a company
that is a major covered company as of October 5, 2018, must comply
with the requirements of this subpart, including but not limited to
section 252.72, beginning on January 1, 2020, unless that time is
extended by the Board in writing.
(2) A covered company that becomes subject to this subpart after
October 5, 2018 must comply with the requirements of this subpart
beginning on the first day of the ninth calendar quarter after it
becomes a covered company, unless that time is accelerated or extended
by the Board in writing.
(d) Cessation of requirements.
(1) Any company that becomes a covered
company will remain subject to the requirements of this subpart unless
and until:
(i) The
covered company is not a global systemically important BHC;
(ii) The covered company is not a Category
II bank holding company; and
(iii) The covered company is not a Category III bank holding company.
(2) A covered company
that has ceased to be a major covered company for purposes of section
252.72(b) is no longer subject to the requirements of section 252.72(b)
beginning on the first day of the calendar quarter following the reporting
date on which it ceased to be a major covered company; provided that
the covered company remains subject to the requirements of this subpart,
unless it ceases to be a covered company pursuant to paragraph (d)(1)
of this section.
