The Financial Supervisory Agency (FSA) and the Ministry of Finance (MOF) plan to substantially relax regulations that have drawn a clear line between operations of banks and their securities subsidiaries
, FSA and MOF officials said Monday.
will merge their securities subsidiaries
into a new company on Oct.
Fitch has also affirmed the National Long-Term Ratings on the securities subsidiaries
of two of the banks, namely Kasikorn Securities Public Company Limited and SCB Securities Company Limited, at 'AA(tha)'.
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S&P said the brokerage has taken on the merger and acquisition, securitization and derivatives businesses from the Bank of Tokyo-Mitsubishi and its major overseas securities subsidiaries
In 1993, the corporate bond market in Japan underwent a major change: the Financial System Reform Act allowed banks to enter the underwriting business by setting up securities subsidiaries
. Hamao and Hoshi analyze yield differentials between issues underwritten by bank subsidiaries and those underwritten by securities houses.
Sections 23A and 23B of the Federal Reserve Act prescribe firewalls and were enacted as amendments to the act in 1933 and 1987, respectively.(4) Also prescribing firewalls are the orders under which the limited-function securities subsidiaries
of bank holding companies (so-called "section 20 subsidiaries") operate.
There has been some liberalization in recent years both in geographic restrictions, through regional banking compacts, and in securities activities, through section 20 securities subsidiaries
. But the ad hoc nature of this process of liberalization is not a desirable way of approaching significant structural reform.
and Norinchukin Bank said Friday they have reached a basic agreement to integrate their securities subsidiaries
Under the previously announced Mizuho reorganization plan, Mizuho Holdings will become a wholly owned subsidiary of Mizuho Financial Group through an equity-swap deal March 12 and hold banking and securities subsidiaries