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Holding companies not registered with the Securities and Exchange Commission are required to submit a copy of their annual report to shareholders, if prepared. The purpose of the FR Y-6 is to monitor and ensure that holding companies' activities are conducted in a safe and sound manner.
Working as a representative of a customer for purchasing or redeeming securities, etc. in the stock exchange. Acting as an executor, administrator, or trustee of the estate of a customer. Also, preparing income tax returns, claiming tax refunds, etc.
The final rule provides that a CSA be treated as a federal savings association for purposes of merger, consolidation, dissolution, conversion, conservatorship, and receivership, but a CSA is permitted to retain branches and agency offices that the federal savings association operated on the date of election.
Owning a subsidiary can allow flexible access to resources. Assets and resources between a parent company and subsidiary can be shared, potentially saving money through resource pooling.
An operating subsidiary is a corporation, LLC, or similar entity that engages in activities that are part of, or incidental to, the business of banking as determined by the OCC or other statutory authority.
Key Takeaways A subsidiary bank is a type of foreign entity that is located and incorporated in a foreign country but is majority-owned by a parent corporation in a different nation. Subsidiary banks only have to operate under the laws and regulations of the host country.
Report of Changes in Organizational Structure.
A subsidiary account is an account that is kept within a subsidiary ledger, which in turn summarizes into a control account in the general ledger. A subsidiary account is used to track information at a very detailed level for certain types of transactions, such as accounts receivable and accounts payable.