Financial Services Competition Act of 1997

U.S. Government Printing Office, 1997 - 378 páginas
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Página 361 - Board shall consider whether its performance by an affiliate of a holding company can reasonably be expected to produce benefits to the public, such as greater convenience, increased competition, or gains in efficiency, that outweigh possible adverse effects, such as undue concentration of resources, decreased or unfair competition, conflicts of interests, or unsound banking practices.
Página 275 - ... what constitutes doing business in this State, and also exercises powers and privileges available to the state by virtue of Public Law 15, 79th Congress of the United States, Chapter 20, 1st Session, S. 340, which declares that the business of insurance and every person engaged therein shall be subject to the laws of the several states.
Página 80 - The business of insurance, and every person engaged therein, shall be subject to the laws of the several States which relate to the regulation or taxation of such business.
Página 366 - Established under authority granted by the 1938 Maloney Act Amendments to the Securities Exchange Act of 1934, the NASD is the largest self-regulatory organization for the securities industry in the world.
Página 80 - ... that there are always areas where improvements can be made to the state regulatory system, we have evolved and adapted as the financial markets have changed. In the context of the Congressional debate on financial services modernization, on March 17, 1997, the NAIC adopted a resolution (Attachment A) supporting state authority to regulate the insurance activities of financial institutions. The resolution states in part: "The NAIC supports functional regulation of the financial services industry...
Página 328 - Reports, its other publications and from noncommercial contributions, grants and fees. In addition to reports on Consumers Union's own product testing, Consumer Reports...
Página 275 - The Functional Regulation of the Business of Insurance Should be Left to the States As an initial matter, this Committee should reiterate that every entity that engages in the underwriting or sale of insurance is bound by State laws that regulate those activities. Because no insurance licensing and regulatory scheme exists at the federal level, the only available regulators of the participants in the insurance industry are the States themselves. However...
Página 361 - The court found that the following kinds of connections could qualify: "(1) banks generally have, in fact, provided the proposed services; (2) banks generally provide services that are operationally or functionally so similar to the proposed services as to equip them particularly well to provide the proposed...
Página 51 - You would have that advisory credit council composed of the Secretary of the Treasury, the Chairman of the Federal Reserve Board...
Página 317 - significant complement" to its existing statutory authority.6 The CFTC has not expressed any dissatisfaction with the reach or operation of the risk assessment provisions it administers. This experience suggests that holding company risk assessment procedures would provide valuable tools for monitoring individual and systemic risk in the context of diversified financial services organizations. Certainly, banking regulators and other observers to date have not explained why holding company risk assessment...