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ARTICLE · 21 OCTOBER 2015

Financial Regulatory Developments Focus - October 15, 2015

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On October 7, 2015, the US Board of Governors of the Federal Reserve System announced the approval of the applications by Royal Bank of Canada and its subsidiary, RBC USA Holdco Corporation...

GlobalFinance and Banking
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In this week’s newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and corporates.

Bank Prudential Regulation & Regulatory Capital 

US Board of Governors of the Federal Reserve System Announces Approval of Applications by Royal Bank of Canada and RBC USA Holdco Corporation

On October 7, 2015, the US Board of Governors of the Federal Reserve System announced the approval of the applications by Royal Bank of Canada and its subsidiary, RBC USA Holdco Corporation, to acquire City National Corporation and its wholly owned subsidiary, City National Bank, under section 3 of the Bank Holding Company Act. City National is a $33 billion banking organization. The Federal Reserve Board's approval comes approximately seven months after submission of the application, which was the subject of comments opposing the

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