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Can you summarize 3 NYCRR Part 14?
General Regulations of the Superintendent > Investments in Corporations by Banks and Trust Companies
Short Summary
The provided legal document content consists of regulations governing investments in corporations by banks and trust companies in New York. It covers investment procedures for other stock investments, as well as investment procedures for operating subsidiaries and Edge Act subsidiaries. Banks and trust companies are required to submit applications or notices to the superintendent depending on the type of investment or activity. The applications or notices should include detailed information about the investment, activities, location, organizational structure, and relations with the applicant. Approval from the superintendent is required for certain investments or activities, while others may only require notice procedures. The document also mentions exemptions for certain types of investments and activities, allowing adequately capitalized or well-capitalized banks or trust companies with a satisfactory rating and no regulatory orders to acquire or establish operating subsidiaries, make additional investments, or perform new activities by providing written notice to the superintendent. Preapproved activities for which banks or trust companies can provide notice are also listed. The document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Banks, trust companies, operating subsidiaries, Edge Act subsidiaries
What does it govern?
Investment procedures for other stock investments by banks and trust companies, investment procedures for operating subsidiaries and Edge Act subsidiaries for banks and trust companies, regulations governing investments in corporations by banks and trust companies in New York
What are exemptions?
Certain types of investments and activities have exemptions and require notification within 30 days after the investment is made. Adequately capitalized or well-capitalized banks or trust companies with a satisfactory rating and no regulatory orders may acquire or establish operating subsidiaries, make additional investments, or perform new activities by providing written notice to the superintendent. Preapproved activities for which banks or trust companies can provide notice are also listed.
What are the Penalties?
No specific penalties are mentioned in the document.
Jurisdiction
New York