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Can you summarize 021-0002-20 WYAR?
Banking Division > Special Purpose Depository Institutions
Short Summary
These legal documents govern various aspects of special purpose depository institutions (SPDIs) in Wyoming. SPDIs are defined in Wyoming Statute 13-1-101(a)(xvi) and are subject to the rules of the Board and the Division, except for Chapter 4, 5 and 6. The rules apply to SPDIs in terms of capital and surplus requirements, operating expenses, recovery and resolution planning, supervision of controlling interests and affiliate relationships, receivership, anti-money laundering (AML) compliance, customer identification, sanctions compliance, investments and liquid assets, and operations and activities. SPDIs are required to have initial capital subscribed as fully paid stock, maintain a capital plan, and have a paid-up surplus fund of not less than three years of operating expenses. The Commissioner has the authority to require modifications to the institution’s capital levels. The documents also outline the requirements for filing a special purpose depository institution charter application, including the necessary information and documents. Recovery and resolution planning is mandatory for SPDIs, and they must submit a draft plan within six months of commencing operations. The plan should address potential recovery actions and strategies for orderly disposition of the institution. The Commissioner reviews and approves the final plan. The documents also cover the supervision of controlling interests and affiliate relationships, with requirements for annual audited financial statements and tax allocation agreements. The Commissioner is appointed as the receiver for SPDIs in case of financial distress, and the documents outline the receivership process, including the liquidation of assets and the treatment of claims. AML, customer identification, and sanctions compliance requirements are also specified, including the need for a written compliance program, risk assessments, training, and independent testing. The documents also address the management structure, reporting requirements, examinations, and ongoing supervision of SPDIs. Investments and liquid assets are regulated, with specific asset classes allowed and the need for prudent management. The documents emphasize the importance of preventing manipulative or illegal trading practices. Overall, these documents provide comprehensive guidelines for the establishment, operation, and regulation of special purpose depository institutions in Wyoming.
Whom does it apply to?
Special purpose depository institutions, Commissioner, Board
What does it govern?
Special purpose depository institutions
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Wyoming