y basis. This includes net assets in the company’s mutual funds, hedge funds, credit funds and private equity funds (including real estate funds), and separately managed accounts for institutional and individual investors. Other client assets include client assets invested with third-party managers, bank deposits and advisory relationships where the company earns a fee for advisory and other services. Assets under supervision do not include the self-directed brokerage assets of the company’s clients. Long-term assets under supervision represent assets under supervision excluding liquidity products. Liquidity products represent money market and bank deposit assets. Incentive Fees In certain circumstances, the company is also entitled to receive incentive fees based on a percentage of a fund’s or a separately managed account’s return, or when the return exceeds a specified benchmark or other performance targets. Such fees include overrides, which consist of the increased share of the income and gains derived primarily from the company’s private equity funds when the return on a fund’s investments through the life of the fund exceeds certain threshold returns. Transaction Revenues The company receives commissions and net spreads for facilitating transactional activity in high-net-worth client accounts. In addition, the company earns net interest income primarily associated with client deposits and margin lending activity undertaken by such clients. Regulation The company is a bank holding company under the Bank Holding Company Act of 1956 (BHC Act) and a financial holding company under amendments to the BHC Act effected by the U.S. Gramm-Leach-Bliley Act of 1999. The company is subject to supervision and examination by the Board of Governors of the Federal Reserve System (Federal Reserve Board). Such ‘functionally regulated’ U.S. non-bank subsidiaries include broker-dealers registered with the SEC, such as the company’s principal U.S. broker-dealer, Goldman, Sachs & Co. (GS&Co.), entities registered with or regulated by the U.S. Commodity Futures Trading Commission with respect to futures-related and swaps-related activities and investment advisers registered with the SEC with respect to their investment advisory activities. The company’s principal U.S. bank subsidiary, Goldman Sachs Bank USA, is supervised and regulated by the Federal Reserve Board, the FDIC, the New York State Department of Financial Services, and the Consumer Financial Protection Bureau. In addition, the company has two limited purpose trust company subsidiaries that are not permitted to accept deposits or make loans (other than as incidental to their trust activities) and are not insured by the FDIC. The Goldman Sachs Trust Company, N.A., a national banking association that is limited to fiduciary activities, is regulated by the Office of the Comptroller of the Currency and is a member bank of the Federal Reserve System. The Goldman Sachs Trust Company of Delaware, a Delaware limited purpose trust company, is regulated by the Office of the Delaware State Bank Commissioner. Goldman Sachs International Bank, the company’s regulated U.K. bank and principal non-U.S. bank subsidiary, is regulated by the Prudential Regulation Authority and the Financial Conduct Authority. The FDIC’s Deposit Insurance Fund is funded by assessments on insured depository institutions, such as Goldman Sachs Bank USA. GS&Co. is registered as a broker-dealer, a municipal advisor and an investment adviser with the SEC and as a broker-dealer in all 50 states and the District of Columbia. Self-regulatory organizations, such as the Financial Industry Regulatory Authority, Inc. (FINRA) and the NYSE, adopt rules that apply to, and examine, broker-dealers such as GS&Co. Goldman Sachs Execution & Clearing, L.P. is a registered U.S. broker-dealer and is regulated by the SEC, the NYSE, and FINRA. The company’s broker-dealer and other subsidiaries are also subject to rules adopted by federal agencies pursuant to the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act that require any person who organizes or initiates an asset-backed security trans
gs connect s&p gsci enh comm
200 West Street
New York, NY 10282
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