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General Regulations of the Superintendent > Supervision and Regulation of Article XII Investment Company Holding Companies and Their Subsidiaries for Purposes of the European Union Financial Conglomerates Directive
Short Summary
This legal document pertains to the examination, supervision, regulation, and enforcement authority of the superintendent over investment company holding companies and their subsidiaries for purposes of the European Union Financial Conglomerates Directive. The superintendent has the same authority over these entities as they have over banking organizations under the Banking Law. The document outlines the specific authorities granted to the superintendent, including the application of Banking Law provisions, issuance of orders, imposition of monetary penalties, imposition of capital requirements, prescription of record-keeping requirements, filing of periodic reports, levy of assessments, and issuance of rules and regulations. The purpose of these authorities is to ensure equivalent supervision of financial conglomerates in accordance with the Financial Conglomerates Directive. This document governs the supervision and regulation of Article XII Investment Company Holding Companies and Their Subsidiaries for Purposes of the European Union Financial Conglomerates Directive. It applies to banking organizations, investment companies, investment company holding companies, and subsidiaries controlled by investment company holding companies. The document defines various terms such as banking organization, company, control, equivalent supervision, financial conglomerate, Financial Conglomerates Directive, investment company, investment company holding company, subsidiary, and supervision agreement. It establishes the criteria for control and equivalent supervision, and outlines the requirements for financial conglomerates and investment companies. The document also mentions the Financial Conglomerates Directive as the relevant directive for financial conglomerates. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Investment company holding companies, subsidiaries controlled by investment company holding companies, banking organizations, and investment companies
What does it govern?
Supervision and regulation of Article XII Investment Company Holding Companies and Their Subsidiaries for Purposes of the European Union Financial Conglomerates Directive
What are exemptions?
The provisions of Banking Law, article XIII governing voluntary and involuntary liquidations of banking organizations shall not be applicable to investment company holding companies, although they are applicable to investment companies.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
New York