N.Y. Comp. Codes R. & Regs. Tit. 3 § 114.3 - Examination, supervision, regulation, and enforcement authority of the superintendent over investment company holding companies and their subsidiaries for purposes of the european union financial conglomerates directive

To assist the Banking Department in carrying out equivalent supervision of a financial conglomerate for purposes of carrying out the requirements of the Financial Conglomerates Directive, the superintendent shall have examination, supervision, regulation, and enforcement authority over an investment company holding company and any of its subsidiaries to the same extent as he or she has examination, supervision, regulation, and enforcement authority over any banking organization under the Banking Law. This authority includes, but is not limited to, the authority to:

(a) apply Banking Law, section 36 relating to examinations and confidentiality of information to an investment company holding company and its subsidiaries, as if such entities were banking organizations;

(b) issue orders to an investment company holding company and its subsidiaries as provided in Banking Law, section 39, as if such entities were banking organizations;

(c) impose monetary penalties for violation of law or regulation, as provided in Banking Law, section 44, as if such entities were banking organizations;

(d) impose capital requirements on an investment company holding company and its subsidiaries, as appropriate or required in the judgment of the superintendent;

(e) prescribe requirements for the keeping of books and records by the investment company holding company and its subsidiaries;

(f) require filing by the investment company holding company and its subsidiaries with the superintendent of periodic reports of condition, reports of income, risk profiles, large exposures and such other reports as may be required by the superintendent;

(g) levy assessments on the investment company holding company and its subsidiaries, as provided in Banking Law, section 17, as if such entities were banking organizations;

(h) issue such general or specific rules or regulations as may be necessary to effectuate the examination, supervision, regulation, and enforcement authority over investment company holding companies and their subsidiaries for purposes of meeting the requirements of equivalent supervision under the Financial Conglomerates Directive.

Notes

N.Y. Comp. Codes R. & Regs. Tit. 3 § 114.3