Regulatory Alerts2016-09-29
Added
Banking Corporation Business with Related Parties
The Proper Conduct of Banking Business Directive no. 312 is amended to exempt holders of more than 5 percent of any type of means of control in a banking corporation from the definition of "Related party." This exemption applies specifically when the permit was granted subject to the terms set in the Banking Supervision Department letter dated June 16, 2016, regarding bank-holding permits for institutions managing customers’ money. The changes take effect immediately.
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