This report is filed by all top-tier holding companies and consists of the requirement that top-tier holding companies not registered with the Securities and Exchange Commission (SEC) submit a copy of an annual report to shareholders if one is created. The FR Y-6 also requires the submission of an organizational chart and an annual verification of domestic branches within the organization and includes information on the identity, percentage ownership, and business interests of principal shareholders, directors, and executive officers.
Purpose: The data are used by supervision and regulation staff to monitor the activities of holding companies and to ensure that their activities are conducted in a safe and sound manner. This report states the requirement for a top-tier holding company with total consolidated assets of $500 million or more to have an annual audit of its consolidated financial statements in accordance with generally accepted accounting principles (GAAP). Insurance savings and loan holding companies that do not prepare GAAP financial statements pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 may satisfy the audit requirement with financial statements completed in accordance with statutory accounting principles (SAP). The report also provides information on compliance with the Bank Holding Company Act, Regulation Y, and the Home Owners' Loan Act as well as information on possible conflicts of interest of shareholders, directors, and executive officers.
Annual reports have been collected in some form since the implementation of the Bank Holding Company Act of 1956. In 1976, the report was revised to eliminate certain information no longer required and to redefine the types of financial and structural information for regulatory purposes. In 1995, the report was revised to eliminate the requirement to submit consolidated and parent company financial statements (may still be requested on call), to revise the audit requirements, to move the nonbank subsidiary financial statements to the FR Y-11, to eliminate the requirement to submit amendments to organizational documents, and to eliminate the required list of insider loans. In 2004, the report was revised to eliminate the requirement that a top-tier bank holding company submit a copy of its SEC form 10-K and to update structural information reported on the organization chart. In 2007, the Federal Reserve added an annual requirement for institutions to verify a list of domestic branches for each depository institution and Edge and agreement corporation in the organization. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) was enacted into law on July 21, 2010. Title III of the Dodd-Frank Act abolished the Office of Thrift Supervision and transferred its authorities (including rulemaking) related to savings and loan holding companies (SLHCs) to the Board of Governors of the Federal Reserve System, effective July 21, 2011.
The panel consists of all top-tier holding companies organized under U.S. law, any top-tier holding company that is organized under foreign law but is not a foreign banking organization, any foreign banking organization that does not meet the requirements of and is not treated as a qualifying foreign banking organization under Regulation K, any employee stock ownership plans that are also holding companies, and any securities holding companies. Participation is required.
Annually, no later than 90 calendar days after the end of the top-tier holding company's fiscal year end.
Individual respondent data are available to the public upon request through the appropriate Reserve Bank. Under certain circumstances, however, respondents may request confidential treatment.