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Regulation W
Transactions Between Member Banks and Their Affiliates

12 CFR 223; as amended effective January 1, 2020
  • Subpart A—Introduction and Definitions
  • Section
  • Authority, purpose, and scope
  • What is an “affiliate” for purposes of sections 23A and 23B and this part?
  • What are the meanings of the other terms used in sections 23A and 23B and this part?
  • Subpart B—General Provisions of Section 23A
  • Section
  • What is the maximum amount of covered transactions that a member bank may enter into with any single affiliate?
  • What is the maximum amount of covered transactions that a member bank may enter into with all affiliates?
  • What safety-and-soundness requirement applies to covered transactions?
  • What are the collateral requirements for a credit transaction with an affiliate?
  • May a member bank purchase a low-quality asset from an affiliate?
  • What transactions by a member bank with any person are treated as transactions with an affiliate?
  • Subpart C—Valuation and Timing Principles under Section 23A
  • Section
  • What valuation and timing principles apply to credit transactions?
  • What valuation and timing principles apply to asset purchases?
  • What valuation and timing principles apply to purchases of and investments in securities issued by an affiliate?
  • What valuation principles apply to extensions of credit secured by affiliate securities?
  • Subpart D—Other Requirements Under Section 23A
  • Section
  • How does section 23A apply to a member bank’s acquisition of an affiliate that becomes an operating subsidiary of the member bank after the acquisition?
  • What rules apply to financial subsidiaries of a member bank?
  • What rules apply to derivative transactions?
  • Subpart E—Exemptions from the Provisions of Section 23A
  • Section
  • What covered transactions are exempt from the quantitative limits and collateral requirements?
  • What covered transactions are exempt from the quantitative limits, collateral requirements, and low-quality-asset prohibition?
  • What are the standards under which the Board may grant additional exemptions from the requirements of section 23A?
  • Subpart F—General Provisions of Section 23B
  • Section
  • What is the market-terms requirement of section 23B?
  • What transactions with affiliates or others must comply with section 23B’s market-terms requirement?
  • What asset purchases are prohibited by section 23B?
  • What advertisements and statements are prohibited by section 23B?
  • What are the standards under which the Board may grant exemptions from the requirements of section 23B?
  • What transactions are exempt from the market-terms requirements of section 23B?
  • Subpart G—Application of Sections 23A and 23B to U.S. Branches and Agencies of Foreign Banks
  • Section
  • How do sections 23A and 23B apply to U.S. branches and agencies of foreign banks?
AUTHORITY: 12 U.S.C. 371c(b)(1)(E), (b)(2)(A), and (f), 371c-1(e), 1828(j), 1468(a), and section 312(b)(2)(A) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5412).

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Interpretations begin at 3-1181.
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