Affiliate Transactions: Sections 23A and 23B of the Federal Reserve Act
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Be aware of the rules and concepts for the transactions with affiliates requirements.
Many banks engage in transactions with their affiliates. Transactions with affiliates rules under Sections 23A and 23B of the Federal Reserve Act and Regulation W promulgated thereunder provide a framework for types of permissible transactions, applicable requirements and limitations on such transactions, as well as certain transactions that are prohibited altogether. Banks structuring any type of transaction with an affiliate - from a transfer of assets to the receipt of services - must comply with these regulatory requirements. Enforcement actions based on violations of the transactions with affiliates rules are not uncommon. To ensure that bankers and their lawyers are aware of these fundamental rules, this topic reviews the concepts of transactions with affiliates requirements, as well as developments and agency guidance imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Anyone involved on the legal or business side of structuring transactions between banks and their affiliates will benefit from this information.
AuthorsWill C. Giles, White & Case LLP Kevin L. Petrasic, White & Case LLP
What Are Section 23A and Section 23B of the Federal Reserve Act and Regulation W Thereunder?
When Do These Statutes Apply?
Who Is and Who Is Not an Affiliate?
What Transactions Are Covered By, and What Transactions Are Exempt From, Section 23A and Section 23B?
What Are the Limits on Affiliate Transactions?
What Other Requirements Apply to Affiliate Transactions?
Recent Developments With the Transactions With Affiliate Requirements and How Changes Are Being Implemented