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ARTICLE · 10 SEPTEMBER 2008

FRB Exempts Foreign Government Controlled Entities From BHC Act

Goodwin Procter LLP
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In a letter dated August 5, 2008 (the “Letter”), the FRB used its discretionary authority under Section 4(c)(9) of the Bank Holding Company Act (the “BHC Act”) to exempt from the standard activity limitations and reporting requirements of the BHC Act two entities wholly-owned by the Chinese government.

United StatesFinance and Banking

Developments Of Note

  1. FRB Exempts Foreign Government Controlled Entities from BHC Act

  2. Massachusetts Tax on Non-Filing Financial Institutions Having Economic Nexus with Massachusetts

  3. OCC Issues Letter Authorizing Operating Subsidiary of a National Bank to Offer Certain Services to Customers in Connection with Section 1031, Like-Kind Exchanges

  4. Basel Committee Issues Report on Issues Concerning Banks' Economic Capital Models and Survey on Banks' Implementation of Compliance Principles

  5. Federal Second Circuit Affirms Finding that LLC Membership Interests Are Securities

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