Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 933

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 933
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 future material financial distress or failure. We, on behalf of our insured depository institution (IDI) subsidiary, Santander Bank, N.A. (Santander Bank), must also submit a separate IDI resolution plan (IDI plan) to the FDIC. The 165(d) plan and the IDI plan require substantial effort, time and cost to prepare and are subject to review by the Federal Reserve Board and the FDIC, in the case of the 165(d) plan, and by the FDIC only, in the case of the IDI plan. If, after reviewing our 165(d) plan and any related re-submissions, the Federal Reserve Board and the FDIC jointly determine that we failed to cure identified deficiencies, they may jointly impose on our US operations more stringent capital, leverage or liquidity requirements, or restrictions on our growth, activities or operations, or even divestitures, which could have an adverse effect on our business. Banco Santander filed its most recent 165(d) plan on 30 June 2022, and its most recent IDI plan on 28 June 2018. As a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act and following changes to applicable regulations, Banco Santander is now a triennial reduced filer that is required to submit its next 165(d) plan in the form of a reduced resolution plan by 1 July 2025. With respect to our IDI plan, the FDIC revised the IDI rule in June 2024. Under the final IDI rule, IDIs with USD 100 billion or more in assets that are not affiliates of U.S. global systemically important banking organizations, such as Santander Bank, are required to submit a full IDI plan every three years and, in years when the IDI does not submit a full IDI plan, it is required to submit a limited interim supplement. IDIs with more than USD 50 billion, but less than USD 100 billion, are not required to submit an IDI plan but instead, they are required to submit an informational filing intended to support the development of strategic options for resolution of the IDI by the FDIC. Santander Bank is required to submit a full IDI plan by 1 July 2025.

OTC derivatives regulation

Title VII of the Dodd-Frank Act amended the US Commodity Exchange Act and the Exchange Act, among other statutes, to establish an extensive framework for the regulation of over-the-counter (OTC) derivatives