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A Section 20 subsidiary of a major U.S bank is planning to underwrite corporate securities and expects to generate $5 million in revenues It currently underwrites U.S Treasury securities and

A Section 20 subsidiary of a major U.S. bank is planning to underwrite corporate securities and expects to generate $5 million in revenues. It currently underwrites U.S. Treasury securities and general obligation municipal bonds and earns annual fees of $40 million.

a. Is the bank in compliance with the laws regulating the turnover of Section 20 subsidiaries?

b. If it plans to increase underwriting of corporate securities and generate $11 million in revenues, is it in compliance? Would it have been in compliance prior to passage of the Financial Services Modernization Act of 1999?

 

May 18 2020 View more View Less

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