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Can you summarize 12 CFR Part 44?
COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY > PROPRIETARY TRADING AND CERTAIN INTERESTS IN AND RELATIONSHIPS WITH COVERED FUNDS
Short Summary
The provided legal document content governs the prohibitions and restrictions on proprietary trading and investments in or relationships with covered funds by certain banking entities. It applies to national banks, Federal branches and agencies of foreign banks, Federal savings associations, and certain subsidiaries thereof. The document provides definitions for various terms used in the regulation and clarifies that the prohibitions and restrictions apply to the activities and investments of the identified banking entities, even if authorized under other applicable provisions of law. The Office of the Comptroller of the Currency (OCC) retains the authority to impose additional requirements, restrictions, or penalties on the identified banking entities. However, no specific penalties are mentioned in this document. There are exemptions for covered funds that are not banking entities, certain portfolio companies and portfolio concerns, and the FDIC acting in its corporate capacity or as conservator or receiver.
Whom does it apply to?
National banks, Federal branches and agencies of foreign banks, Federal savings associations, and certain subsidiaries thereof
What does it govern?
Prohibitions and restrictions on proprietary trading and investments in or relationships with covered funds by certain banking entities
What are exemptions?
Covered funds that are not banking entities, certain portfolio companies and portfolio concerns, and the FDIC acting in its corporate capacity or as conservator or receiver
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
U.S. Federal Government