In this issue:
- SEC Implements Secure E-mail System for Confidential Submissions
- Seventh Circuit Court of Appeals Rejects Argument That Wisconsin Corporate Law is Part of Articles of Incorporation
- District Court Rejects Argument that Investment Advisers Act Cannot be Applied Extraterritorially
- Agencies Finalize Stress Test Guidance for Banks With More Than $10 Billion in Assets; Guidance Not Applicable to Smaller Banks
- FSA Fines Habib Bank and its Money Laundering Reporting Officer for AML Control Failings
- FSA Fines Martin Currie £3.5 Million for Conflict of Interests Failures
An excerpt from "Agencies Finalize Stress Test Guidance for Banks With More Than $10 Billion in Assets; Guidance Not Applicable to Smaller Banks"
The Federal Reserve Board, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC, and together, the agencies) on February 14 issued final supervisory guidance regarding stress-testing practices at "banking organizations" with total consolidated assets of more than $10 billion. (The term banking organization means national banks, federal savings associations, and federal branches and agencies supervised by the OCC; state member banks, bank holding companies, savings and loan holding companies, and all other institutions for which the Federal Reserve Board is the primary federal supervisor; and state nonmember banks, and all other institutions for which the FDIC is the primary federal supervisor.) The agencies noted that supervisors will examine firms’ stress testing methodologies through the supervisory process.
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