Equity Hedging: OCC Needs to Establish Policy on Publishing Interpretive Decisions : Report to the Honorable James A. Leach, House of RepresentativesGeneral Accounting Office, 2001 - 48 páginas |
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Página 2
... Congress and other banking regulators affected by OCC's decisions understand the criteria OCC uses to determine when and whether to publish interpretive decisions could help mitigate concerns that arise when OCC interprets federal ...
... Congress and other banking regulators affected by OCC's decisions understand the criteria OCC uses to determine when and whether to publish interpretive decisions could help mitigate concerns that arise when OCC interprets federal ...
Página 13
... Congress or officials from other federal banking agencies . The Chief Counsel told us that OCC did not publish its interpretation because it was focused and narrow in terms of notifying the banks that had requested the approval . OCC ...
... Congress or officials from other federal banking agencies . The Chief Counsel told us that OCC did not publish its interpretation because it was focused and narrow in terms of notifying the banks that had requested the approval . OCC ...
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... Congress added the fifth sentence in a 1933 amendment to section 24 ( Seventh ) that also permitted national banks to purchase certain types of debt securities , which the section describes as “ investment securities . " OCC has ...
... Congress added the fifth sentence in a 1933 amendment to section 24 ( Seventh ) that also permitted national banks to purchase certain types of debt securities , which the section describes as “ investment securities . " OCC has ...
Página 20
... Congress intended to reverse or modify these decisions or the underlying principle that a national bank's incidental power includes owning stock when necessary to carry on the business of banking . The exception in the fifth sentence ...
... Congress intended to reverse or modify these decisions or the underlying principle that a national bank's incidental power includes owning stock when necessary to carry on the business of banking . The exception in the fifth sentence ...
Página 33
... Congress excluded banks that engage in swap transactions from these definitions because it recognized that banks , by conducting such activities , might otherwise be subject to the Exchange Act . It is reasonable to infer that the Congress ...
... Congress excluded banks that engage in swap transactions from these definitions because it recognized that banks , by conducting such activities , might otherwise be subject to the Exchange Act . It is reasonable to infer that the Congress ...
Términos y frases comunes
affiliate allowing banks Analysis of OCC Appendix Arnold Tours banks to hedge banks to purchase business of banking business of dealing call option collar Comptroller concluded Congress constitutes the business corporate stock customer-driven equity derivative delta delta hedging EICs equities to hedge equity derivative transactions Equity Hedge Letter Equity Hedging Decision FDIC fifth sentence four banks Glass-Steagall Act GLBA Gramm-Leach-Bliley Act hedge equity derivative hedge their equity hold equities incidental activity incidental powers authority investment securities Legal Analysis managing the risks McFadden Act National Bank Act OCC determined OCC Equity Hedging OCC officials OCC supervisory staff OCC's approval OCC's conclusion OCC's decision OCC's legal otherwise permitted permits stock ownership permitted by law powers clause price of XYZ prohibits national banks provisions publish its interpretation purchase stock put option requesting banks risk management systems risks arising second sentence section 16 section 24(Seventh securities and stock strike price Supreme Court underwriting XYZ stock
Pasajes populares
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.