Equity Hedging: OCC Needs to Establish Policy on Publishing Interpretive Decisions : Report to the Honorable James A. Leach, House of Representatives

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General Accounting Office, 2001 - 48 páginas

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Página 16 - Except as hereinafter provided or otherwise permitted by law, nothing herein, contained shall authorize the purchase by the association for its own account of any shares of stock of any corporation.
Página 15 - To exercise by its board of directors, or duly authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business of banking; by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt...
Página 30 - The business of dealing in securities and stock by the association shall be limited to purchasing and selling such securities and stock without recourse, solely upon the order, and for the account of, customers, and in no case for its own account, and the association shall not underwrite any issue of securities or stock: Provided, That the association may purchase for its own account investment securities under such limitations and restrictions as the Comptroller of the Currency may by regulation...
Página 33 - broker" means any person engaged in the business of effecting transactions in securities for the account of others, but does not include a bank. (5) The term "dealer...
Página 44 - ... (4) Which owns or controls, directly or indirectly, either a majority of the shares of capital stock of a member bank or more than 50 per centum of the number of shares voted for the election of directors of...
Página 40 - dealer" means any person who engages either for all or part of his time, directly or indirectly, as agent, broker, or principal, in the business of offering, buying, selling, or otherwise dealing or trading in securities issued by another person.
Página 43 - USC 335, subject to the same limitations and conditions with respect to the purchasing, selling, underwriting, and holding of investment securities and stock as are applicable in the case of national banks under paragraph Seventh of 12 USC 24.
Página 30 - business of dealing in securities and stock [by a national bank] shall be limited to purchasing and selling such securities and stock without recourse, solely upon the order, and for the account of, customers...
Página 43 - Act of 1991, an insured State bank may not engage as principal in any type of activity that is not permissible for a national bank unless — (1) the Corporation has determined that the activity would pose no significant risk...
Página 38 - Authority is thus given to transact such a banking business as is specified, and all incidental powers necessary to carry it on are granted. These powers are such as are required to meet all the legitimate demands of the authorized business, and to enable a bank to conduct its affairs, within the general scope of its charter, safely and prudently. This necessarily implies the right of a bank to incur liabilities in the regular course of its business, as well as to become the creditor of others.

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