§ 252.70 Applicability and general provisions.

(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 § 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 § 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 § 252.72(b) is no longer subject to the requirements of § 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.