The extensive regulation to which they are subject is described in our September 10 th letter. It is comparable to the regulation that applies to registered investment advisers and registered investment companies in the United States.
They are subject to regulation described in our September 10 th letter that is comparable to the regulatory regime that applies to banks in the United States. They have the licenses and are subject to the regulatory regime described in our September 10 th letter, which is comparable to the regulatory regime that applies to comparable activities by comparable entities in the United States.
In these activities it is subject to the regulatory regime described in our September 10 th letter which is comparable to that applicable to banks in the United States.
They have the several licenses and registrations described in our September 10 th letter and are subject to the legislation, regulatory codes and rules described in detail in that letter. Taken together, these form a regulatory regime that is comparable to that which applies to comparable activities conducted by comparable entities in the United States.
For the reasons set forth in our September 10 th letter, as supplemented by this letter, we respectfully request on behalf of Deutsche Bank that it and each of its non-U. If you have any further comments or questions, please contact Kevin Keogh by telephone at , by fax at or by e-mail at kkeogh whitecase.
The Division provided similar assurance to Deutsche Bank AG and certain of its subsidiaries in response to i a letter to Ms. Meredith B. The Qualifying Subsidiaries include only those branches and subsidiaries of Deutsche Bank organized and regulated under the laws of the Federal Republic of Germany, the United Kingdom, Japan, Australia and Hong Kong, and any such branches and subsidiaries named herein in the discussions of the operations of the Deutsche Bank Group in such jurisdiction.
For ease of reference schedules are attached listing the Qualifying Subsidiaries. Deutsche Bank and each Qualifying Subsidiary engages in activities similar to those of investors that qualify under Rule 13d-1 b 1 ii "Qualified Institutional Investors" to file Schedule 13G and is, as more fully discussed below, subject to regulation in the jurisdiction of its organization or place of business comparable to regulation of Qualified Institutional Investors in the United States.
Such activities may from time to time cause Deutsche Bank and the Qualifying Subsidiaries to become beneficial owners of equity securities as such terms are defined in the regulations under Section 13 d of the Exchange Act.
Operations of Deutsche Bank in the Federal Republic of Germany As the largest banking institution in the Federal Republic of Germany, Deutsche Bank operates over branches and offices in Germany and more than branches and subsidiary offices in over sixty countries around the world. As of December 31, , the total assets of the Deutsche Bank Group were in excess of billion, making the Deutsche Bank Group one of the largest banking groups in the world.
Through various subsidiaries, the Deutsche Bank Group participates and is subject to regulation in several financial industries including commercial and retail banking, investment banking, asset management, and insurance.
The Federal Banking Supervisory Authority has the power, inter alia, to issue and revoke licenses, to issue regulations on capital and liquidity requirements, to require the removal of members of the management of banks, to inspect the books and records, to specify the contents of reports on financial matters by banks and to take action where deposits are considered to be in jeopardy.
The Banking Act and directives under the European Union, of which Germany is a member, contain provisions on solvency, long-term lending and investments.
The Banking Act also contains limits on large loans to individual borrowers. Under the Banking Act, Deutsche Bank is subject to extensive reporting requirements on a group-wide basis. In addition to banking activities conducted in its own name, Deutsche Bank operates more than 1, banking subsidiaries in Germany that engage in commercial banking activities. These subsidiaries are subject to the same regulation as Deutsche Bank with respect to their banking activities. The branch office and the banking subsidiaries for which Deutsche Bank is seeking relief are listed on Schedule A-1 attached hereto.
Non-bank financial subsidiaries must comply with the reporting provisions of the Banking Act if they engage in leasing contracts, issue travelers' checks or credit cards, provide investment advice, acquire shares in stock companies or partnerships, or provide consulting services on capital structure, mergers and acquisitions, takeovers or industrial strategy.
Through several subsidiaries, Deutsche Bank provides varied financial services in Germany including broker-dealer services, investment advising, mutual fund management and insurance. Several Deutsche Bank subsidiaries provide mutual fund investment advisory and discretionary asset management services in Germany equivalent to investment companies registered pursuant to Section 8 of the Investment Company Act of the "Investment Company Act" or investment advisors registered pursuant to Section of the Investment Advisers Act of Such subsidiaries invest in securities for the account of the investors in the funds managed by such subsidiaries.
The German investment company, advisory and asset management subsidiaries are listed on Schedule A-2 attached hereto. Investment banking and broker-dealer activities are conducted in Germany principally by Deutsche Bank, which operates as a universal bank, and also through Deutsche Bank's German broker-dealer subsidiary.
The German broker-dealer subsidiary provides services similar to those provided by broker-dealers registered pursuant to Section 15 of the Exchange Act. The Federal Banking Supervisory Authority issues licenses for investment brokers and portfolio managers. The Stock Exchange Management grants admission for access to the exchange and to participation in stock exchange trading.
This Authority has the authority to regulate the conduct of securities market participation, prevent and detect insider trading violations, conduct investigations, and address abuses in security trading. Banks, financial institutions and securities firms are required to file regular reports with the office concerning their securities transactions.
The German subsidiary of Deutsche Bank that conducts activities similar to one or more of the activities of broker-dealers in the United States is listed on Schedule A-3 attached hereto. Similar to insurance companies as defined in Section 3 a 19 of the Exchange Act, the Deutsche Bank Group offers insurance products and planning to clients in Germany through various subsidiaries.
The German insurance company subsidiaries are attached on Schedule A-4 hereto. It is currently subject to regulation under the Financial Services Act the "FSA" , although newly enacted legislation, the Financial Services and Markets Act , will replace the FSA the UK is moving from a self-regulating financial services regime, backed by statute, to a totally statutory regime.
The Authority's directors now sit on the boards of the investment industry self-regulatory organizations, including the Securities and Futures Authority the "SFA" , which regulates brokers and dealers in securities, the Investment Management Regulatory Organisation "IMRO" , which regulates the asset management business, and the Personal Investment Authority the "PIA" ; which regulates individuals who produce and sell life assurance, unit trusts mutual funds and other investment services to private clients.
This effectively makes the SROs subsidiaries of the Authority. The Authority's functions include authorizing and supervising UK banks and mutual funds and developing rules and regulations governing recognition and authorization under the FSA. When the new regime is fully operational, the Authority will regulate these activities directly. The UK investment broker-dealer subsidiary and branch are listed on Schedule B-1 attached hereto. Under the terms of the Bank of England Act , the Financial Services Authority now regulates the banking business while the Bank of England remains responsible for monetary policy.
Additionally, bank lending activities to individuals and businesses are subject to the Consumer Credit Act of A bank's activities may include investment banking, corporate finance, brokerage and dealing and are subject to regulation by the SIB. The UK banking subsidiary and branch are listed on Schedule B-1 attached hereto. Investment advisory activities in the UK are conducted through several indirect UK subsidiaries.
The UK investment advisor subsidiaries provide investment advice and discretionary asset management services and function in a manner similar to investment advisors registered pursuant to Section of the Advisers Act. The UK investment advisor subsidiaries' clients include collective investment schemes similar to investment companies registered pursuant to Section 8 of the Investment Company Act.
The UK investment advisor subsidiaries are listed on Schedule B-2 attached hereto. The FSA, inter alia , oversees securities companies, investment trust management companies, investment advisory companies, banks, and insurance companies, the regulation of which is briefly described below. In Japan, securities companies are either joint stock companies kabushiki kaisha' or Japanese branches of foreign securities companies that are engaged in a securities business.
These companies are regulated by a number of laws, regulations and ordinances, including the Securities and Exchange Law Law No. The laws governing securities companies in Japan are upheld by regulatory authorities charged with the oversight of such companies. The FSA regularly conducts regulatory examinations of securities companies pursuant to the SEL and enforces periodic reporting requirements. Every securities company licensed by FRC is also required to register with the Japan Securities Dealers Association "JSDA" , which in turn supervises the activities of sales representatives of securities companies.
As well, such securities companies are required to participate in one of two investor protection funds which mandate specific contributions and, if the securities company in question is a subsidiary, guarantees by parent companies. Securities companies in breach of the SEL may be subject to certain penal provisions.
The Deutsche Bank branch and the Japanese branch of a Hong Kong subsidiary of Deutsche Bank that conduct activities similar to investment banks and broker-dealers in the United States are listed on Schedule C-1 attached hereto. In Japan, "investment trusts" are analogous to unit trusts or mutual funds.
There are penal provisions that apply in the event of breach of various provisions of the ITL. The Bank will be authorized in the United Kingdom by the Prudential Regulation Authority and with deemed variation of permission.
It will be subject to regulation in the United Kingdom by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. The Bank is registered as a foreign company in the register of companies for England and Wales registration number FC Authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority with firm reference number Authorized and regulated by the Financial Conduct Authority with firm reference number Addresses and contact.
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