This Client Alert provides an overview and summary of key requirements of the proposed rules issued on December 14, 2012 by the Board of Governors of the Federal Reserve System (Federal Reserve) to implement the enhanced prudential standards and early remediation requirements of Section 165 and 166 of the Dodd- Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) for foreign banking organizations1 and foreign nonbank financial companies designated for supervision by the Federal Reserve (FBO Proposal).
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Federal Reserve releases proposed rules for enhanced prudential standards for foreign banking organizations
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