Fed proposes expanding risk regime to foreign subsidiaries
New consultation suggests widening scope of August 2017 proposals to foreign-owned operations
The US Federal Reserve Board is considering extending its reforms of the risk management obligations for large US financial firms to US-based subsidiaries of foreign-owned firms, it says in a consultation document released on January 4.
The Fed’s consultation invites comment on a draft of core principles governing how large financial institutions should implement “effective senior management, the management of business lines and independent risk management”. The Fed states that the new
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