Federal Reserve announces new electronic system for submitting the FR Y-6 in 2025
July 08, 2024
Effective December 31, 2024, the Board of Governors of the Federal Reserve System (“Board”) will make a new electronic system available known as “Structure Central”. This system will implement changes to the “Annual Report of Holding Companies” (“FR Y-6”) that were first announced in the Federal Register on May 9, 2022 (87 No. 89, Page 27639) (Off-site) and finalized in a subsequent notice on November 29, 2022 (87 No. 228, Page 73305) (Off-site).
Features and benefits of Structure Central
Structure Central will enhance the overall reporter experience in filing the FR Y-6, providing a technically advanced and efficient system for the submission of accurate data, and will provide reporters with a secure location to:
- Access their organization chart and domestic branch listing.
The organization chart and branch listing will depict all the fields required by the FR Y-6 instructions and will reflect up-to-date information submitted on the “Report of Changes in Organizational Structure” (FR Y-10) and processed by the Reserve Bank. Reporters will no longer be required to submit a copy of their organization chart, the tiered structure page or their branch listing. The branch verification website (Off-site) will be decommissioned. - Access standard downloadable templates for reporting Items 3 and 4.
Holding companies currently submit a listing of their securities holders’ and insiders’ information. The format varies by holding company, given that the volume of reportable information is based on the size and complexity of the reporter. Standardizing these items simplifies reporting this information and allows for electronic submission in lieu of paper or PDF filing. - Submit the FR Y-6 report electronically.
Structure Central will provide a user-friendly workflow to complete the FR Y-6 requirements in one location. New features will include interfaces for data entry, reporting and workspaces. Holding companies that currently file electronically can transition their submission to Structure Central effective fiscal year end dates beginning December 31, 2024. Holding companies that currently mail or hand deliver their FR Y-6 submission can continue to submit in that manner. Holding companies will no longer use Reporting Central to submit the FR Y-6 electronically.
Please note that all holding companies that file the FR Y-6, irrespective of how they submit the report (electronically, by mail or by hand) will need access to Structure Central, as it will be the one, secure location to access their organization chart and branch listing. The FR Y-6 must be filed with and received by the appropriate Federal Reserve Bank no later than 90 calendar days after the top-tier holding company’s fiscal year end, or March 31, 2025, for reporters with December 31, 2024, fiscal year end.
FR Y-6 data serves as a primary source of information that supports the National Information Center (NIC). The NIC is a publicly available repository of financial and institutional characteristic data that is used internally within the Federal Reserve System (Off-site). FR Y-6 report submissions will continue to be subject to review and Federal Reserve Bank staff will continue to contact you to discuss quality issues to ensure the accuracy of your institution’s profile.
Prepare for setup
Instructions on when and how to sign-up for access to Structure Central, as well as revised FR Y-6 report instructions with more detailed specifications on these changes, will be forthcoming. In the interim, please identify and update, if necessary, the End User Authorization Contacts (EUACs) within your organization. The EUAC will be critical to the Structure Central application setup process and will be responsible for managing Structure Central electronic access.
Questions
Please share this notification with those who may benefit from this information within your organization. Questions regarding these upcoming changes should be directed to your Reporting Central District Contacts.