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 1
... limitations and restrictions that generally prohibit a national bank from purchasing equities for its own account . These same limitations and restrictions also apply to state banks.3 OCC considered the permissibility of banks owning ...
... limitations and restrictions that generally prohibit a national bank from purchasing equities for its own account . These same limitations and restrictions also apply to state banks.3 OCC considered the permissibility of banks owning ...
Página 3
... limitations contained in the section . We concur with OCC's conclusion that those limitations do not prohibit the four banks from maintaining the stock hedges as an incidental activity . We recommend that the Comptroller of the Currency ...
... limitations contained in the section . We concur with OCC's conclusion that those limitations do not prohibit the four banks from maintaining the stock hedges as an incidental activity . We recommend that the Comptroller of the Currency ...
Página 6
... limitations on the banks holding ' By funding the hedging activity through the bank holding company rather than the bank , the banks were trying to avoid creating a covered transaction . Under the Federal Reserve Act and Federal Reserve ...
... limitations on the banks holding ' By funding the hedging activity through the bank holding company rather than the bank , the banks were trying to avoid creating a covered transaction . Under the Federal Reserve Act and Federal Reserve ...
Página 14
... limitations and conditions with respect to investment securities and stock as those contained in section 24 ( Seventh ) . " The Federal Deposit Insurance Act prohibits insured state banks from engaging in any activity that is not ...
... limitations and conditions with respect to investment securities and stock as those contained in section 24 ( Seventh ) . " The Federal Deposit Insurance Act prohibits insured state banks from engaging in any activity that is not ...
Página 15
... limitations contained in the section . We believe that OCC's analysis is based on a reasonable construction of section 24 ( Seventh ) . The Bank Powers Provision Defines and Limits Banking Activities National bank powers , as well as ...
... limitations contained in the section . We believe that OCC's analysis is based on a reasonable construction of section 24 ( Seventh ) . The Bank Powers Provision Defines and Limits Banking Activities National bank powers , as well as ...
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.