2) Financial subsidiaries
engaged in financial activities only as agent.
The OCC approval letter subjects the bank and its operating subsidiaries
to a number of conditions and underscores the OCC's intention to enforce those provisions through appropriate supervisory and legal actions.
The independent listing of NewMarket subsidiaries
is core to the Company's overall growth strategy and central to NewMarket's focus on building shareholder value.
At many companies, arms-length relationships are in place and parent companies can repatriate only dividends from overseas subsidiaries
, says Ken Parkinson, a partner at Treasury Information Services in Hopewell, N.
10, the subsidy that the government provides to banks as a byproduct of the safety net would be directly transferable to their operating subsidiaries
to finance powers not currently permissible to the bank or its subsidiaries
Specifically, BNEC alleged that the firm was negligent in not reporting BNEC's insolvency and that of its subsidiaries
NewMarket will distribute stock in the independently listed subsidiary operations to NewMarket shareholders through dividend distributions as the subsidiaries
build their respective operations and develop their own shareholder base.
The parent provided some central office functions for its subsidiaries
The Board has carefully considered the financial and managerial resources and future prospects of SunTrust and Crestar, and their respective subsidiaries
, and other supervisory factors in light of all the facts of record.
The Glass-Steagall Act of 1933 does not prohibit subsidiaries
of state-chartered banks from engaging in securities activities if they are not members of the Federal Reserve System.
In selected areas, these provisions represent a dramatic change in the determination of a parent corporation's basis in the stock of its subsidiaries
and in its earnings and profits (E&P) compared with the prior consolidated return regulations ("the prior regulations").
Net investments in foreign subsidiaries
-- Foreign-currency transactions used to hedge a parent's investment in its foreign subsidiaries
, or equity hedges, include virtually all types of foreign-currency transactions, ranging from existing-parent foreign-exchange liabilities to sophisticated derivatives transactions.