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Can you summarize 3 NYCRR Part 70?
General Regulations of the Superintendent > Interlocking Directors and Officers of Banking Organizations and Bank Holding Companies
Short Summary
The provided legal document content pertains to the interlocking directorates and officers of banking organizations and bank holding companies in New York. It states that the superintendent has the authority to grant permission for executive officers of one institution to serve as executive officers, directors, or trustees of another institution. The term ’executive officer’ is defined as an officer who participates or has authority to participate in major policymaking functions of the institutions. The document does not specify any exemptions or penalties. Overall, it governs the relationships and roles of executive officers, directors, and trustees within the banking industry in New York.
Whom does it apply to?
Executive officers, directors, and trustees of banking institutions and bank holding companies in New York
What does it govern?
Interlocking Directors and Officers of Banking Organizations and Bank Holding Companies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
New York