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Law > Business and Financial

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Cover IMF Working Papers
Consolidated Regulation and Supervision in the United States
Mr. Ashok Vir Bhatia
This paper builds on a Technical Note produced as part of the IMF’s 2010 Financial Sector Assessment Program (FSAP) review of the United States. It addresses enterprise-wide oversight of financial groups, a key tool to mitigate systemic risk. Focusing on legal arrangements, it recommends eliminating exceptions for holding companies owning certain limited-purpose banks, harmonizing arrangements for bank and thrift holding companies, and bringing into the net a few systemic nonbank financial groups, with the Federal Reserve as the sole consolidated regulator and supervisor.
Keywords:
WP; company; holding company; derivative product company; net capital; Fed umbrella supervision; Bank holding company; consoldated regulation; consolidated supervision; investment banking group; savings and loan holding company; securities broker-dealers; Fed oversight; securities broker-dealing; full-scope securities underwriting; futures commission merchants; group structure; nonfinancial group; Securities; Commercial banks; Consolidated banking supervision; Brokers and dealers; Europe; Global