The prolonged distressed credit market crisis has already claimed
|
|
- Hugo Rose
- 7 years ago
- Views:
Transcription
1 Troubled Banks and Failed Banks: Opportunities for Investment BRIAN W. SMITH AND MELISSA R. H. HALL This article highlights some of the relevant Federal Deposit Insurance Corporation policies and practices and issues for investors to consider before they embark on providing capital to a troubled bank or acquiring a failed bank or its assets. The prolonged distressed credit market crisis has already claimed several banking institutions which were declared insolvent and placed into receivership by the Federal Deposit Insurance Corporation ( FDIC ). Other banking institutions are suffering significant liquidity, asset valuation, and accounting concerns which have required them to raise additional capital. In some instances, banking organizations that raised enormous amounts of capital only months ago have been forced to raise even more as these organizations make ongoing adjustments in their balance sheets. Regulators have played significant roles in demanding that these institutions shore up their capital base. Despite the regulatory pressures and the injection of capital into many troubled and financially stressed banking institutions, there remains the very real possibility that there will be a marked increase in bank failures, especially among the mid to small banks which have been focused on the Brian W. Smith is a partner in the Finance Department of Latham & Watkins LLP, located in the firm s office in Washington, D.C. He can be reached at brian.smith@lw.com. Melissa R. H. Hall, an associate in the firm s office in Washington, D.C., can be reached at melissa.hall@lw.com. 483
2 PRATT S JOURNAL OF BANKRUPTCY LAW real estate sector (primarily residential development but now increasingly pure commercial as well). The FDIC has announced that it is gearing up for a dramatic increase in bank failures by recruiting for its resolution and receivership division and by bringing out of retirement 25 failed bank resolution experts. 1 Both the regulatory pressure on financially stressed banks to raise more capital and the expected marked increased in bank failures present investment opportunities. This is to be expected since during past crises many acquirers obtained significant benefit from such acquisitions. This article is designed to highlight some of the relevant FDIC policies and practices as well as to identify issues for investors to consider before they embark on providing capital to a troubled bank or acquiring a failed bank or its assets. BANK FAILURES AND THE ROLE OF THE FDIC When a bank fails, it is either declared insolvent by its primary regulator or the FDIC terminates the bank s deposit insurance. In either case, the FDIC steps in as receiver of the failed bank. The FDIC s statutory mandate is two-fold: (1) to guarantee eligible insured deposits and (2) to dispose of the failed bank and/or its assets with the least cost to the deposit insurance fund. 2 As part of that process, the FDIC has the authority to assert cross-guarantee claims against solvent banks in a multi-bank holding company setting, ostensibly to bolster the financial stability of an insolvent bank in that structure but with the effect of involving all the banks in the resolution process. 3 The FDIC resolution process is typically triggered by a bank s primary regulator sending a failing bank letter to the FDIC notifying the FDIC that the bank is in imminent danger of failing. Once it receives the letter, the FDIC will send a team into the bank to marshal all of the bank s assets, identify its liabilities, and value the assets. The FDIC typically has three options to regarding a failing bank: (1) sell all or a part of the failing bank to another bank which assumes the liabilities (including deposits) of the failed bank; (2) pay off all eligible insured depositors and sell the failing bank s assets; or (3) utilize the bridge bank structure (in 484
3 TROUBLED BANKS AND FAILED BANKS: OPPORTUNITIES FOR INVESTMENT which the Office of the Comptroller of the Currency charters a bank for the sole purpose of continuing temporarily the operations of the failing bank until it is sold) and sell the bridge bank to an acquirer. 4 Based on its assessment of the failing bank and its assets, the FDIC will decide whether to market the bank as a whole (while possibly retaining some less-desirable assets) or to divide up and sell the failing bank s assets. In either case, the FDIC prepares an information package for marketing the bank or its assets to potential acquirers. The FDIC s objective is to maximize its recovery so as to minimize the exposure to the deposit insurance fund. The FDIC typically conducts an auction-like process requiring approved interested parties to execute confidentiality agreements in order to obtain access to the marketing information package prepared by the FDIC. The FDIC will hold an information meeting with all approved bidders where the FDIC will provide details on the failing bank, whether the entire bank or just some of its assets is being offered for sale, the legal documents, the due diligence process, and the bidding procedures. Those parties with genuine interest are provided an opportunity for limited diligence of the marketing information package. In the past where the FDIC has decided to sell off bank assets rather than to market the bank as a whole, the FDIC grouped into one offering the assets from several failed institutions and routinely accepted bids for portions of such assets from several buyers. Also, to encourage the purchase of these assets, the FDIC may agree to loss-sharing arrangements whereby both it and the purchaser share the risk of ongoing losses in the purchased assets. It is important to note that the failing bank is still operating during this time and the FDIC takes great care to keep confidential the names of banks that are the subject of these resolution processes. Once a bidder is chosen and approved by the FDIC and all the legal documents are signed, the failing bank s chartering authority will close the bank and appoint the FDIC as receiver. This typically happens on a Friday in order to give the FDIC time to settle the affairs of the bank over the weekend. If the failed bank has been acquired in whole or in part, it will typically open for business and resume normal operations on Monday morning. If the assets of 485
4 PRATT S JOURNAL OF BANKRUPTCY LAW the failed bank are being sold off, the bank will remain closed and the assets will be transferred to the acquirer or acquirers. INVESTMENT BY NON-BANKS As mentioned above, there has been a marked increase in regulatory pressure on bank to raise additional capital. To date, capital raising has been facilitated by vast injections from private equity, foreign investors (even sovereign funds) and other alternative investment sources which traditionally had not been as readily available for this type of investment. To be sure that such investments or acquisitions of institutions or assets have a high likelihood of success, they must be properly structured to comply with long standing, though currently evolving, regulatory restrictions on ownership and control of U.S. banks. Prior evaluation of the investor s situation and how it might be adapted for the purpose of acquiring U.S. banks is necessary, as eligibility to actually control and operate a bank is a critical qualification to a successful bid at the FDIC. The primary issues to consider when making an investment in a troubled bank or purchasing a failed bank center around the concept of control. Under the Bank Holding Company Act, any company that directly or indirectly controls a bank is deemed a bank holding company and is subject to restrictions on non-financial activities (i.e., commercial activities and investments are prohibited), capital and other requirements, and periodic reporting to and examination by the Federal Reserve. An investor can be found to be in control of a bank with as little as 10 percent ownership of any class of voting stock. Even with an investment below the 10 percent threshold, the Federal Reserve may find that the investor controls the bank if the investor controls the board or has other influence over the day to day activities of the bank. An investment of less than five percent of a class of voting shares of a bank is presumed under federal banking regulations not to result in control of the bank. If the investor wishes to hold a greater percentage of any class of voting stock, it is possible to structure the transaction so that the regulators will not consider the investor to be in control of the bank. These structures typically involve passivity commitments on the part of the investor 486
5 or the placing of the stock in a trust subject to the control of an independent voting trustee. It is also may be possible to disperse the investment among unaffiliated investors so that each will control less than 10 percent of a class of voting stock and agree not to act in concert with regard to the operation of the bank. Any structures developed to avoid a finding of control will have to be carefully planned and considered, as the banking regulators retain discretion to find that an investor is exercising control over a bank. CONCLUSION Although there are expected to be increased investment opportunities for those wishing to invest in banks or purchased a failed bank or the assets of a failed bank, there are numerous issues for investors to consider in connection with such transactions. Investors would be well advised to: (1) become familiar with FDIC resolution processes for failed banks; (2) communicate to the FDIC its general interest in being considered a potential purchaser of a failed bank or its assets; (3) establish an effective diligence and bidding process and team; and (4) structure any acquiring or investment vehicle in a manner that will both clear any regulatory hurdles, especially if the investor s primary business line is commercial and not financial in nature. NOTES TROUBLED BANKS AND FAILED BANKS: OPPORTUNITIES FOR INVESTMENT 1 Damian Paletta, FDIC Readies for a Rise in Bank Failures, Wall St. J., February 26, 2008, at A U.S.C. 1821(d); 12 C.F.R U.S.C. 1815(e) U.S.C. 1821(n). 487
A GUIDE TO INVESTMENTS IN FAILED BANKS. Robert C. Brighton, Jr.
A GUIDE TO INVESTMENTS IN FAILED BANKS Robert C. Brighton, Jr. Although the worse of the recession may be behind us, chronic undercapitalization and the specter of the collapse of the commercial real estate
More informationThe Federal Reserve s Final Rule on Merchant Banking and Revised Capital Proposal for Investment Activities
MEMORANDUM May 4, 2001 RE: The Federal Reserve s Final Rule on Merchant Banking and Revised Capital Proposal for Investment Activities The Federal Reserve Board (the FRB ) has taken two important steps
More informationGLOSSARY. 89 (Glossary)
GLOSSARY acquiring institution: A healthy bank or thrift institution that purchases some or all of the assets and assumes some or all of the liabilities of a failed institution in a purchase and assumption
More informationSmall Investor Program
Small Investor Program Small Investor Program Comparison with Multi-bank Structure Multibank SIP Promote Feature No Yes Collateral Location Dispersed Concentrated Management Fee 0.5% UPB 1.0% UPB Investor
More informationHow To Make Money From A Loan
March 2009 How to Buy Loans Originated by Failed Financial Institutions from the FDIC BY CHRIS DANIEL, DANIEL PERLMAN, TODD BEAUCHAMP AND AZBA HABIB Introduction The Federal Deposit Insurance Corporation
More informationClient Alert. Real Estate Activities Under the Framework of the Bank Holding Company Act: Limits and Opportunities
January 14, 2009 Client Alert Jointly Prepared by Goodwin Procter s Financial Services and RE, REITs & RE Capital Markets Groups Real Estate Activities Under the Framework of the Bank Holding Company Act:
More informationResolutions Handbook
Resolutions Handbook Revised Dec 23, 2014 Contents Chapter 1 Introduction... 1 Chapter 2 Resolution Handbook at a Glance... 5 Resolution Process... 5 Resolution Transaction Methods... 6 FDIC s Role as
More informationOrderly Liquidation Authority: FDIC Announces Its Strategy
News Bulletin May 16, 2012 Orderly Liquidation Authority: FDIC Announces Its Strategy In a speech last Thursday, May 10, 2012, the Acting Chairman of the Federal Deposit Insurance Corporation ( FDIC ),
More informationGuidelines for Subordinated Debt April 3, 2015
Office of the Comptroller of the Currency Guidelines for Subordinated Debt April 3, 2015 I. Introduction Subordinated debt (or subordinated debt note) is a financing tool that can be recognized in regulatory
More informationBasis of the Financial Stability Oversight Council s Final Determination Regarding General Electric Capital Corporation, Inc.
Introduction Basis of the Financial Stability Oversight Council s Final Determination Regarding General Electric Capital Corporation, Inc. Pursuant to section 113 of the Dodd-Frank Wall Street Reform and
More informationMEMORANDUM OF UNDERSTANDING. between the. Federal Deposit Insurance Corporation. and the. Office of Foreign Assets Control
MEMORANDUM OF UNDERSTANDING between the Federal Deposit Insurance Corporation and the Office of Foreign Assets Control Article I: Background The Office of Foreign Assets Control ("OFAC"), a component of
More informationIncentives and Conflicts of Interests in Corporate Bankruptcy and Bank Insolvency: A Note Robert R. Bliss * 19 August 2005
Incentives and Conflicts of Interests in Corporate Bankruptcy and Bank Insolvency: A Note Robert R. Bliss * 19 August 2005 Corporate bankruptcy law and judicial procedure are structured to ensure that
More informationUnison Advisors LLC. The date of this brochure is March 29, 2012.
Unison Advisors LLC 2032 Belmont Road NW, #619 Washington, DC 20009 T 646 290 7697 F 646 290 5477 www.unisonadvisors.com The date of this brochure is March 29, 2012. This brochure provides information
More informationIRS Issues Final FATCA Regulations
IRS Issues Final FATCA Regulations The United States Internal Revenue Service (IRS) has issued long-awaited final regulations (the Final Regulations) under the Foreign Account Tax Compliance Act (FATCA).
More informationCERTIFICATE OF DEPOSIT DISCLOSURE STATEMENT April 2014
The information contained in this Disclosure Statement may not be modified by any oral representation made prior or subsequent to the purchase of your Certificate of Deposit. CERTIFICATE OF DEPOSIT DISCLOSURE
More informationFinancial Stability Oversight Council. Staff Guidance. Methodologies Relating to Stage 1 Thresholds. June 8, 2015
Financial Stability Oversight Council Staff Guidance Methodologies Relating to Stage 1 Thresholds June 8, 2015 Stage 1 Overview Section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection
More informationModel Template for 165(d) Tailored Resolution Plan
Federal Reserve System Reporting Requirements Associated with Regulation QQ (Resolution Plans Required) OMB Number 7100-0346 Approval expires January 31, 2016 Model Template for 165(d) Tailored Resolution
More informationAmerican Bankers Association. Sample Glossary of Collective Investment Fund Terms for Disclosures to Retirement Plan Participants
American Bankers Association Sample Glossary of Collective Investment Fund Terms for Disclosures to Retirement Plan Participants January 5, 2012 2 PART 1 Frequently Asked Questions (FAQs) About Collective
More informationDESCRIPTION OF THE PLAN
DESCRIPTION OF THE PLAN PURPOSE 1. What is the purpose of the Plan? The purpose of the Plan is to provide eligible record owners of common stock of the Company with a simple and convenient means of investing
More informationIndyMac. John F. Bovenzi Deputy to the Chairman and Chief Operating Officer, Federal Deposit Insurance Corporation April 3, 2009
IndyMac Federal Bank FSB John F. Bovenzi Deputy to the Chairman and Chief Operating Officer, Federal Deposit Insurance Corporation April 3, 2009 FDIC s Resolution Strategies Open Bank Assistance Financial
More informationLiquidation of a German company A Consultinghouse Whitepaper
Liquidation of a German company A Consultinghouse Whitepaper This whitepaper provides general information to CEOs as well as to main decision makers about the process of winding down a German- based company
More informationSTANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED
This document is issued by Standard Life Investments Property Income Trust Limited (the "Company") and is made available by Standard Life Investments (Corporate Funds) Limited (the AIFM ) solely in order
More informationFRS Investment Plan Self-Directed Brokerage Account
FRS Investment Plan Self-Directed Brokerage Account Access Guide For Your Self-Directed Brokerage Account Accessing Your Account Online Access: MyFRS.com With your FRS Investment Plan Self-Directed Brokerage
More informationThe Re-Emergence of Collective Investment Trust Funds
Manning & Napier Advisors, LLC The Re-Emergence of Collective Investment Trust Funds June 2011 Manning & Napier Advisors, LLC provides investment advisory services to Exeter Trust Company ( ETC ), Trustee
More informationTermination of National Bank Status
Termination of National Bank Status Other Changes and Activities Comptroller s Corporate Manual Washington, DC April 1998 Termination of National Bank Status Table of Contents Introduction Background
More informationSTATEMENT OF THE FEDERAL DEPOSIT INSURANCE CORPORATION LEGISLATIVE PROPOSALS TO CREATE A COVERED BOND MARKET IN THE UNITED STATES
STATEMENT OF THE FEDERAL DEPOSIT INSURANCE CORPORATION on LEGISLATIVE PROPOSALS TO CREATE A COVERED BOND MARKET IN THE UNITED STATES SUBCOMMITTEE ON CAPITAL MARKETS AND GOVERNMENT- SPONSORED ENTERPRISES
More informationThe Procter & Gamble Company Board of Directors Compensation & Leadership Development Committee Charter
The Procter & Gamble Company Board of Directors Compensation & Leadership Development Committee Charter I. Purposes. The Compensation and Leadership Development Committee (the Committee ) is appointed
More informationJuly 11, 2011. and the Addressees listed on Schedule I attached hereto
Federal Agricultural Mortgage Corporation 1133 Twenty-First Street, N.W. Washington, D.C. 20036 202-872-7700 FAX 202-872-7713 800-879-FARM www.farmermac.com Via Electronic Mail To: Mr. Gary K. Van Meter
More informationDodd-Frank Act Changes Affecting Private Fund Managers and Other Investment Advisers By Adam Gale and Garrett Lynam
Dodd-Frank Act Changes Affecting Private Fund Managers and Other Investment Advisers By Adam Gale and Garrett Lynam I. Introduction The Dodd-Frank Wall Street Reform and Consumer Protection Act ( Dodd-Frank
More informationSTATEMENT OF CORPORATE GOVERNANCE GUIDELINES
STATEMENT OF CORPORATE GOVERNANCE GUIDELINES As Approved by the Board of Directors on October 10, 2005 and Amended on January 25, 2007, April 17, 2008, October 29, 2009, June 30, 2010, August 9, 2012,
More informationFANNIE MAE CORPORATE GOVERNANCE GUIDELINES
FANNIE MAE CORPORATE GOVERNANCE GUIDELINES 1. The Roles and Responsibilities of the Board and Management On September 6, 2008, the Director of the Federal Housing Finance Authority, or FHFA, our safety
More informationSeries of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The Funds and their securities offered under this Annual Information Form are
More informationFEDERAL RESERVE AND FDIC PROPOSE NEW RULES REGARDING PREPARATION OF LIVING WILLS
CLIENT MEMORANDUM FEDERAL RESERVE AND FDIC PROPOSE NEW RULES REGARDING PREPARATION OF LIVING WILLS On March 29, 2011, the Board of Governors of the Federal Reserve System (the Federal Reserve ) and the
More informationMTA ALL AGENCY INVESTMENT GUIDELINES Operating and Capital Program Funds
MTA ALL AGENCY INVESTMENT GUIDELINES Operating and Capital Program Funds WHEREAS the Treasury Department of the Metropolitan Transportation Authority manages the investment of the operating and capital
More informationPursuant to Article 95, item 3 of the Constitution of Montenegro I hereby pass the ENACTMENT PROCLAIMING THE LAW ON BANKS
Pursuant to Article 95, item 3 of the Constitution of Montenegro I hereby pass the ENACTMENT PROCLAIMING THE LAW ON BANKS I hereby proclaim the Law on Banks, adopted by the Parliament of Montenegro at
More informationConsumer Affairs Laws Section 1380 and Regulations
Insurance Consumer Protection The Gramm-Leach-Bliley Financial Services Modernization Act (the Act) was enacted on November 12, 1999. Section 305 of the Act required the federal banking agencies (the Agencies)
More informationHKAS 27 Consolidated and Separate Financial Statements 1
HKAS 27 Consolidated and Separate Financial Statements 1 Nelson Lam 1. Scope of HKAS 27 Hong Kong Accounting Standard (HKAS) 27 Consolidated and Separate Financial Statements shall be applied in the preparation
More informationContingency Planning & Simulation Exercises: Practical Applications
Contingency Planning & Simulation Exercises: Practical Applications Michael Krimminger Special Advisor for Policy Federal Deposit Insurance Corporation. Thinking About Simulation Exercises What is the
More informationLaw on the Takeover of Joint Stock Companies
Law on the Takeover of Joint Stock Companies CONSOLIDATED TEXT Law on the Takeover of Joint Stock Companies ("Official Gazette of the Republic of Macedonia" no.4/2002, 37/2002 and 36/2007) I. GENERAL PROVISIONS
More informationAuctions. Information Sheet
Auctions Information Sheet What is an auction? An auction is an open process at which buyers bid against each other to purchase a property. Once the reserve price is reached, the highest bidder becomes
More informationProcedures for Immediate and Full Payment of Depositor Claims at Resolution
Procedures for Immediate and Full Payment of Depositor Claims at Resolution Deposit Insurance agency can accelerate the identification of depositors and the value of their claims. It can advance funds
More informationTreasury Considers Role for Private Investors in Economic Stabilization Plan and Provides Guidance on Selection of Asset Managers and Financial Agents
Economic Stabilization Advisory Group, Property October 10, 2008 Treasury Considers Role for Private Investors in Economic Stabilization Plan and Provides Guidance on Selection of Asset Managers and Financial
More informationThe Scottish Investment Trust PLC
The Scottish Investment Trust PLC INVESTOR DISCLOSURE DOCUMENT This document is issued by SIT Savings Limited (the Manager ) as alternative investment fund manager for The Scottish Investment Trust PLC
More informationEngland and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014]
England and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014] Contact Greg Scott, Partner Memery Crystal LLP gscott@memercrystal.com 1 Contents Page SCOPE OF THIS REPORT... 3 GENERAL
More informationUnited Kingdom: Alternative Investment Market ( AIM ) - IPO Overview
United Kingdom: Alternative Investment Market ( AIM ) - IPO Overview 1 Regulatory Background 1.1 Overview of Regulatory Requirements The requirements for listing on the AIM are found in the rules of the
More informationStructured Products. Designing a modern portfolio
ab Structured Products Designing a modern portfolio Achieving your personal goals is the driving motivation for how and why you invest. Whether your goal is to grow and preserve wealth, save for your children
More information21st Century Hungary as Regional Financial Centre
21st Century Hungary as Regional Financial Centre Focus The new Hungarian government is firmly determined to make Hungary the 21st century financial services centre of Central Europe by the recently released,
More informationKAZAKHSTAN LAW ON JOINT STOCK COMPANIES
KAZAKHSTAN LAW ON JOINT STOCK COMPANIES Important Disclaimer This does not constitute an official translation and the translator and the EBRD cannot be held responsible for any inaccuracy or omission in
More informationDevelopments in Deposit Insurance & Investment Protection for Municipalities
Developments in Deposit Insurance & Investment Protection for Municipalities Establishment of Federal Deposit Insurance Program Following the stock market crash on October 29, 1929 and ensuing series of
More informationHow To Get A Deposit From A Bank With A Liboration Program Account
Terms & Conditions for H.C. Denison Company s Liquidity Insured Reserve Access Program (LYRA Program) This document contains important information regarding H.C. Denison Company s ( Denison Co. ) Liquidity
More informationBecoming a Publicly Trading Company Via Reverse Mergers and Self-Registrations
1345 AVENUE OF THE AMERCIAS, 11 th FLOOR NEW YORK, NEW YORK 10105 TELEPHONE: (212) 370-1300 FACSIMILE: (212) 370-7889 www.egsllp.com Becoming a Publicly Trading Company Via Reverse Mergers and Self-Registrations
More informationTwenty-Third Meeting of the IMF Committee on Balance of Payments Statistics Washington, D.C. October 25 27, 2010
BOPCOM-10/19 Twenty-Third Meeting of the IMF Committee on Balance of Payments Statistics Washington, D.C. October 25 27, 2010 Involvement in Private Enterprises: The Case of Foreign Direct Investment Prepared
More informationTAKING ADVANTAGE OF THE INSURANCE PROVISIONS IN THE GRAMM-LEACH-BLILEY ACT
An ABA Insurance Association Analysis TAKING ADVANTAGE OF THE INSURANCE PROVISIONS IN THE GRAMM-LEACH-BLILEY ACT INTRODUCTION The Gramm-Leach-Bliley Act (the Act ) includes several provisions of importance
More informationHow To Determine What Organizations Should Be Included In The Government-Wide Gpafr
Statement of Federal Financial Accounting Standards 47: Reporting Entity Status Issued December 23, 2014 Effective Date For periods beginning after September 30, 2017. Earlier implementation is not permitted.
More informationDocuments required to open an account and establish customership: 2. An attested copy of the minutes of the decision-making body of the company
1 Opening a bank account This attachment details the documents and written explanations that banks usually require before opening a corporate bank account. Practices may vary between banks. A company's
More informationINSIDER TRADING POLICY
INSIDER TRADING POLICY PURPOSE: U.S. federal securities laws prohibit the purchase and sale of securities at a time when the person possesses material, non-public information (positive or negative) concerning
More informationComparison of Limited Partnerships in the BVI, the Cayman Islands, Guernsey and Jersey
Comparison of Limited Partnerships in the BVI, the Cayman Islands, Guernsey and Jersey This table has been prepared to provide a comparison of the laws of the British Virgin Islands (BVI), the Cayman Islands,
More informationGUIDE TO ESTABLISHING INSURANCE COMPANIES IN GUERNSEY
GUIDE TO ESTABLISHING INSURANCE COMPANIES IN GUERNSEY CONTENTS PREFACE 1 1. Introduction 2 2. Authorisation 2 3. Minimum Criteria for Licensing 2 4. Requirements for Licensing under the Insurance Law 3
More information1 October 2015. Statement of Policy Governing the Acquisition and Management of Financial Assets for the Bank of Canada s Balance Sheet
1 October 2015 Statement of Policy Governing the Acquisition and Management of Financial Assets for the Bank of Canada s Balance Sheet Table of Contents 1. Purpose of Policy 2. Objectives of Holding Financial
More informationIBRC customers who have queries can contact the helpdesk at 1800 303632 between 9am to 5pm
Q&A IBRC liquidation 6 Feb 2013 Note: This Q& A document is provided solely for information purposes. It does not constitute (and shall not be construed as constituting) legal advice. It is also not a
More informationTITLE I SAFETY AND SOUNDNESS. Subtitle A Deposit Insurance Funds
Public Law 102-242 102d Congress An Act Dec. 19, 1991 [S. 543] Federal Deposit Insurance Corporation Improvement Act o f 1991. 12, USC 1811 note. To require the least-cost resolution o f insured depository
More informationShareowner Service Plus Plan SM Investment Brochure
Shareowner Service Plus Plan SM Investment Brochure CUSIP# 585055 10 6 Sponsored and Administered by Wells Fargo Shareowner Services Dear Shareholders and Interested Investors: Wells Fargo Shareowner Services
More informationThe taxation treatment of Australian financial products is not the same as for New Zealand financial products.
Overseas distribution No action has been taken to register or qualify the offer of Units under this PDS, or to otherwise permit a public offering of Units, in any jurisdiction outside Australia and New
More informationInvestment in Bank Premises. Comptroller s Licensing Manual
Investment in Bank Premises Comptroller s Licensing Manual Washington, DC December 2005 Investment in Bank Premises Table of Contents Introduction... 1 Multiple Transactions... 1 Key Policies... 2 Decision
More informationGrace Master Disclosure Document- Risk, Margin, Day Trading, Futures, Extended Day, SIPC
Grace Master Disclosure Document- Risk, Margin, Day Trading, Futures, Extended Day, SIPC Thank you for choosing Grace Financial Group LLC. Before you begin trading, please read this document carefully.
More informationINVESTMENTS HELD IN DISTRESSED FINANCIAL INSTITUTIONS AND STOCKBROKERS: A USER S GUIDE
INVESTMENTS HELD IN DISTRESSED FINANCIAL INSTITUTIONS AND STOCKBROKERS: A USER S GUIDE The current economic crisis raises critical questions for individuals, companies and other entities regarding the
More informationANDERSON UNIVERSITY INVESTMENT POLICY
ANDERSON UNIVERSITY INVESTMENT POLICY I. General Investment Objectives A. The primary objective for investment of all funds of the university is to provide an adequate flow of resources sufficient to meet
More informationForms of Corporate Insolvency
Forms of Corporate Insolvency There are five categories of insolvency procedure for companies: Company Voluntary Arrangement; Administration; Administrative Receivership; Creditors Voluntary Liquidation;
More informationTransfer of Limited Partnership Interests
Transfer of Limited Partnership Interests Thomas Redekopp February 2015 2015 Duane Morris LLP. All Rights Reserved. Duane Morris is a registered service mark of Duane Morris LLP. Duane Morris Firm and
More informationUnited States of America Takeover Guide
United States of America Takeover Guide Contact Richard Hall Cravath, Swaine & Moore LLP rhall@cravath.com Contents Page INTRODUCTION 1 TENDER OFFERS VERSUS MERGERS 1 IN THE BEGINNING 2 REGULATION OF TENDER
More informationMorgan Stanley IDI Resolution Plan
Morgan Stanley IDI Resolution Plan July 1, 2014 Table of Contents Table of Defined Terms... 3 IDI Resolution Plan... 4 2 Table of Defined Terms 165(d) Resolution Plan AFS Bank BDP BHC CIDI CFPB CFTC CLS
More informationChief Executive Officers of All National Banks, Deputy Comptrollers (District) and All Examining Personnel
O BC - 196 BANKING ISSUANCE Comptroller of the Currency Administrator of National Banks Type: Banking Circular Subject: Securities Lending To: Chief Executive Officers of All National Banks, Deputy Comptrollers
More informationRISKS DISCLOSURE STATEMENT
RISKS DISCLOSURE STATEMENT You should note that there are significant risks inherent in investing in certain financial instruments and in certain markets. Investment in derivatives, futures, options and
More informationby Claire L. McGuire The World Bank Public Disclosure Authorized
Public Disclosure Authorized Public Disclosure Authorized Simple Tools to Assist in the Resolution of Troubled Banks Public Disclosure Authorized by Claire L. McGuire Public Disclosure Authorized The World
More informationFSB launches peer review on deposit insurance systems and invites feedback from stakeholders
Press release Press enquiries: Basel +41 61 280 8037 Press.service@bis.org Ref no: 26/2011 1 July 2011 FSB launches peer review on deposit insurance systems and invites feedback from stakeholders The Financial
More informationCollective. Prepared by the Coalition of Collective. Investment Trusts
Collective Investment Trusts Prepared by the Coalition of Collective Investment Trusts Table of Contents Overview... 2 Collective Investment Trusts Defined... 3 Two Broad Types of Collective Trusts...
More informationDANMARKS NATIONALBANK Key Legal Aspects of Bank Resolution Danish experiences
DANMARKS NATIONALBANK Key Legal Aspects of Bank Resolution Danish experiences Niels C. Andersen, General Counsel November 1, 2013 Heterogeneous banking sector Assets in Danish banks Kr. billion 3.000 Danske
More informationLOAN PURCHASE AGREEMENT (VERSION 1.2013)
LOAN PURCHASE AGREEMENT (VERSION 1.2013) This Loan Purchase Agreement ( Agreement ) is entered into as of the date written below, by and between Community Banc Mortgage Corp. ("BancMac"), a duly organized
More informationPEARSON plc EMPLOYEE STOCK PURCHASE PLAN PLAN SUMMARY
PEARSON plc EMPLOYEE STOCK PURCHASE PLAN PLAN SUMMARY THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THE SECURITIES HAVE
More informationAPEC Policy Dialogue on Deposit Insurance: Trigger Mechanisms for Early Intervention
APEC Policy Dialogue on Deposit Insurance: Trigger Mechanisms for Early Intervention Kuala Lumpur February 16-18, 2004 Jay Carfagnini Goodmans LLP jcarfagnini@goodmans.ca 250 Yonge Street, Suite 2400 Toronto,
More informationSTATEMENT OF MARTIN J. GRUENBERG CHAIRMAN FEDERAL DEPOSIT INSURANCE CORPORATION VOLCKER RULE IMPLEMENTATION. before the
STATEMENT OF MARTIN J. GRUENBERG CHAIRMAN FEDERAL DEPOSIT INSURANCE CORPORATION on VOLCKER RULE IMPLEMENTATION before the COMMITTEE ON FINANCIAL SERVICES UNITED STATES HOUSE OF REPRESENTATIVES February
More information586475 (Rev 03) Cash Sweep Program Disclosure Statement
586475 (Rev 03) Cash Sweep Program Disclosure Statement Cash Sweep Program Disclosure Statement Summary Please consult the full text of the disclosure statement below for further information at the pages
More informationNC General Statutes - Chapter 53C Article 9 1
Article 9. Supervisory Liquidation; Voluntary Dissolution and Liquidation. Part 1. General Provisions. 53C-9-101. Supervisory combinations. Notwithstanding any other provision of this Chapter, in order
More informationInsolvency and. Business Recovery. Procedures. A Brief Guide. Compiled by Compass Financial Recovery and Insolvency Ltd
Insolvency and Business Recovery Procedures A Brief Guide Compiled by Compass Financial Recovery and Insolvency Ltd I What is Insolvency? Insolvency is legally defined as: A company is insolvent (unable
More informationInterpretive Letter #850
Comptroller of the Currency Administrator of National Banks Washington, DC 20219 Interpretive Letter #850 January 27, 1999 February 1999 12 USC 92(A) 12 USC 24(7) Re: Proposed Investment Advisory Program
More informationThe PNC Investments Bank Deposit Program Disclosure Document
The PNC Investments Bank Deposit Program Disclosure Document Summary Deposits By electing the PNC Investments Bank Deposit Program (the Program ), your available cash balances in eligible accounts will
More informationPLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.
PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to December 2, 2015. It is intended for information and reference purposes only. This
More informationInternational Deposit Insurance Survey
International Deposit Insurance Survey Section 1: Background Information 1.1 Organization (deposit insurer) responsible for administering the deposit insurance system: 1.1.1 Organization Name: National
More informationo The filing and timing requirements are summarized on Exhibit A. Other Securities Law Issues
MORRISON & FOERSTER LLP CHECKPOINTS: THE CONSEQUENCES OF CROSSING VARIOUS OWNERSHIP THRESHOLDS WHEN INVESTING B. JEFFERY BELL * This memorandum outlines certain considerations associated with the acquisition
More informationWelcoming Remarks. Financial Interdependence in the World s Post-Crisis Capital Markets. Charles I. Plosser
Welcoming Remarks Financial Interdependence in the World s Post-Crisis Capital Markets Presented by GIC in partnership with the Philadelphia Council for Business Economics, the CFA Society of Philadelphia,
More informationAN INVESTOR S GUIDE. Private Equity Investing Using a Tax-Advantaged Account
AN INVESTOR S GUIDE Private Equity Investing Using a Tax-Advantaged Account Savvy investors realize that private equity can deliver significant rewards. When those investments are held in a tax-advantaged
More informationOctober 24, 2006. John A. Buchman, Esq. General Counsel E*TRADE Bank 671 North Glebe Road Arlington, Virginia 22203. Dear Mr.
OFFICIAL SEAL OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM OFFICIAL LETTERHEAD STATIONERY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551 ADDRESS OFFICIAL CORRESPONDENCE
More informationRisk Management Programme Guidelines
Risk Management Programme Guidelines Submissions are invited on these draft Reserve Bank risk management programme guidelines for non-bank deposit takers. Submissions should be made by 29 June 2009 and
More informationEmployee Benefits & Investment Management Update
Employee Benefits & Investment Management Update Department of Labor Revises Investment Advice Definition May 2015 On April 14, 2015, the Department of Labor (Department) released a long-awaited proposed
More informationThrough decades of experience
FDIC Loss-Sharing Agreements: A Primer Through decades of experience acting as the receiver of failed financial institutions, the FDIC has developed a variety of resolution structures designed to reduce
More informationPART 75 PROPRIETARY TRADING AND CERTAIN INTERESTS IN AND RELATIONSHIPS WITH COVERED FUNDS.
PART 75 PROPRIETARY TRADING AND CERTAIN INTERESTS IN AND RELATIONSHIPS WITH COVERED FUNDS. SUBPART A Section 1 Section 2 SUBPART B Section 3 Section 4 Section 5 Section 6 Section 7 Section 8 Section 9
More informationTrading In Securities Policy
Trading In Securities Policy Approved Date: 28th May 2015 POLICY STATEMENT This policy relates to dealings in securities and other financial products, including Meridian shares and other companies shares.
More informationTreatment of COD Income by Partnerships
Treatment of COD Income by Partnerships Stafford Presentation January 28, 2015 Polsinelli PC. In California, Polsinelli LLP Allocation of COD Income COD income is allocated to those partners who are partners
More informationA Guide to the Initial Public Offering Process
A Guide to the Initial Public Offering Process Katrina Ellis (kle3@cornel.edu) Roni Michaely (rm34@cornell.edu) and Maureen O Hara (mo19@cornell.edu) January 1999 *All Authors are from Cornell University,
More informationGUIDANCE FOR MANAGING THIRD-PARTY RISK
GUIDANCE FOR MANAGING THIRD-PARTY RISK Introduction An institution s board of directors and senior management are ultimately responsible for managing activities conducted through third-party relationships,
More information