achs To expand its overseas portfolio and revenue, the company entered into agreements with Goldman Sachs in 2003 to provide credit protection to Goldman Sachs’ extension of credit to their investment grade clients. In connection with the agreements, Goldman Sachs established certain wholly owned subsidiaries (William Street Entities) that might make credit commitments and extensions. Goldman Sachs entered into credit loss protection arrangements with the bank to hedge in part the credit risk to its investment in the William Street Entities. Regulations in the United States The bank’s New York branch is supervised by the Federal Reserve Bank of New York and the New York State Department of Financial Services, but its deposits are not insured (or eligible to be insured) by the Federal Deposit Insurance Corporation (FDIC). The bank’s Los Angeles and San Francisco branches are supervised by the Federal Reserve Bank of San Francisco and the California Department of Business Oversight, but their deposits are not insured (or eligible to be insured) by the FDIC. The bank’s representative office in Houston is subject to regulation and examination by the Texas Department of Banking and the Federal Reserve Bank of Dallas. The bank, SMFG and their U.S. operations are subject to regulation, supervision and examination by the Federal Reserve Board as their U.S. ‘umbrella supervisor’. The bank and SMFG are required to obtain the prior approval of the Federal Reserve Board before directly or indirectly acquiring the ownership or control of approximately 5% of any class of voting shares of U.S. banks, certain other depository institutions and bank or depository institution holding companies. Under the Bank Holding Company Act and the Federal Reserve Board regulations, the bank is required to serve as a source of financial strength to Manufacturers Bank. The bank’s U.S. branches and Manufacturers Bank are subject to requirements and restrictions under U.S. federal and state law, including requirements to maintain reserves against deposits, restrictions on the types and amounts of loans that might be made and limitations on the types of investments that might be made and the types of services that might be offered. In the United States, the bank’s U.S.-registered broker-dealer subsidiary, SMBC Nikko Securities America, is regulated by the SEC. In addition, SMBC Nikko Securities America is a member of and regulated by the Financial Industry Regulatory Authority and is regulated by the individual state securities authorities in the states in which it operates. The U.S. government agencies and self-regulatory organizations, as well as state securities authorities in the United States having jurisdiction over the bank’s U.S. broker-dealer affiliates, are empowered to conduct administrative proceedings that could result in censure, fine, the issuance of cease-and-desist orders or the suspension or expulsion of a broker-dealer or its directors, officers or employees.
sumitomo mitsui financial gr
1-2, Marunouchi 1-chome
Phone: 81 3 3282 8111
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