Summary
JPMorgan Chase & Co. (JPM) has filed an 8-K report on June 22, 2017, disclosing the results of its company-run 2017 Dodd-Frank Act Stress Test (DFAST). These results are based on the hypothetical economic scenario and market shock assumptions provided by the Federal Reserve Board in their Supervisory Severely Adverse scenario. This disclosure is furnished under Regulation FD and is not considered filed for purposes of securities law liabilities. The company-run DFAST results are a preliminary step, and investors should note that the Federal Reserve Board will publicly disclose its own Comprehensive Capital Analysis and Review (CCAR) results on June 28, 2017. The Fed's determination on JPM's capital plan and proposed capital actions will consider both quantitative and qualitative factors, and these DFAST results should not be interpreted as an indication of the Fed's final judgment.
Key Highlights
- 1JPM released its 2017 DFAST results, conducted internally based on Federal Reserve's severely adverse scenario.
- 2The disclosure is furnished under Regulation FD and does not carry the same liability as a formal filing.
- 3The DFAST results are based on hypothetical economic and market shock assumptions.
- 4Investors should await the Federal Reserve's CCAR results, scheduled for public release on June 28, 2017.
- 5The Federal Reserve's final decision on JPM's capital plan will be based on both quantitative and qualitative factors.
- 6This filing serves as an informational disclosure of JPM's internal stress test, not the Federal Reserve's approval or assessment of capital actions.