Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 1043

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 1043
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) 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 the 165(d) Plan is not credible and that deficiencies are not cured in a timely manner, 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 EGRRCPA 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

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| Contents |     | Cross-reference to Form 20-F |     | Consolidated director's report |     | Consolidated financial statements |     | Supplemental information |

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 US global systemically important banking organizations, such as Santander Bank, are required to submit a full IDI plan every 3 years and, in the years when the IDI is not required to 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 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.

Federal Reserve Board proposed supervisory guidance and Large Financial Institution rating system

In August 2017, the Federal Reserve Board issued a proposal on corporate governance to enhance the effectiveness of boards of directors and refocus the Federal Reserve Board’s supervisory expectations for boards of directors on their core responsibilities. The corporate governance proposal consists of three parts. The first part, the board effectiveness guidance, is proposed supervisory guidance identifying the attributes of effective boards of directors and is applicable to certain bank and savings and loan