01a0385p.06

99-3917Court of Appeals for the Sixth Circuit1 nov. 2001

Texte intégral


5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
3XUVXDQW WR 6L[WK &LUFXLW 5XOH
(/(&7521,& &,7$7,21 )(' $SS 3 WK &LU
)LOH 1DPH DS
81,7('67$7(6&28572)$33($/6
)257+(6,;7+&,5&8,7
BBBBBBBBBBBBBBBBB
$662&,$7,21 2) %$1.6 ,1
,1685$1&( ,1& $0(5,&$1
%$1.(56 $662&,$7,21
,1685$1&( $662&,$7,21
2+,2 %$1.(56 $662&,$7,21
+817,1*721 1$7,21$/
%$1.
3ODLQWLIIV$SSHOOHHV
Y
+$52/' 7 '85<((
6XSHULQWHQGHQWRI2KLR
'HSDUWPHQWRI,QVXUDQFH
'HIHQGDQW
,1'(3(1'(17 ,1685$1&(
$*(176 2) 2+,2 ,1& 2+,2
$662&,$7,21 2) /,)(
81'(5:5,7(56 2+,2
$662&,$7,21 2)
352)(66,21$/ ,1685$1&(
$*(176 ,1& 2+,2 /$1'
7,7/( $662&,$7,21
,1'(3(1'(17 ,1685$1&(
$*(176 2) $0(5,&$ ,1&
;!

1R

-- 1 of 14 --

$VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO
1R
7KH +RQRUDEOH &XUWLV / &ROOLHU 8QLWHG 6WDWHV 'LVWULFW -XGJH IRU WKH
(DVWHUQ 'LVWULFW RI 7HQQHVVHH VLWWLQJ E\ GHVLJQDWLRQ
1$7,21$/ $662&,$7,21 2)
/,)( 81'(5:5,7(56
1$7,21$/ $662&,$7,21 2)
352)(66,21$/ ,1685$1&(
$*(176 ,1&
,QWHUYHQRUV
'HIHQGDQWV$SSHOODQWV

1
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH6RXWKHUQ'LVWULFWRI2KLRDW&ROXPEXV
1R²-DPHV/*UDKDP'LVWULFW-XGJH
$UJXHG$XJXVW
'HFLGHGDQG)LOHG1RYHPEHU
%HIRUH68+5+(,15,&+DQG'$8*+75(<&LUFXLW
-XGJHV&2//,(5'LVWULFW-XGJH
BBBBBBBBBBBBBBBBB
&2816(/
$5*8('6FRWW$6LQGHU&2//,(56+$11215,//
6&277:DVKLQJWRQ'&IRU$SSHOODQWV.DWKOHHQ0
7UDIIRUG 3257(5 :5,*+7 0255,6 $57+85
&ROXPEXV 2KLR IRU $SSHOOHHV 21 %5,() 6FRWW $
6LQGHU-RKQ-0DQQLQJ&2//,(56+$11215,//
6&277 :DVKLQJWRQ '& IRU $SSHOODQWV .DWKOHHQ 0
7UDIIRUG 3257(5 :5,*+7 0255,6 $57+85
&ROXPEXV2KLRIRU$SSHOOHH<YHWWH5LYHUD2)),&(2)

-- 2 of 14 --

1R $VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO

7+(&203752//(52)7+(&855(1&<:DVKLQJWRQ
'&IRU$PLFXV&XULDH
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
0$57+$&5$,*'$8*+75(<&LUFXLW-XGJH7KLV
DFWLRQLQYROYHVWKHULJKWRIDQDWLRQDOEDQNXQGHU†RIWKH
)HGHUDO5HVHUYH$FW86&†WRDFWDVDQLQVXUDQFH
DJHQW LQ WRZQV ZLWK D SRSXODWLRQ RI RU OHVV 7KH
SODLQWLIIVDQDWLRQDOEDQNDQGVHYHUDORUJDQL]DWLRQVZKRVH
PHPEHUVKLSV LQFOXGH QDWLRQDO EDQNV ILOHG VXLW DJDLQVW WKH
2KLR6XSHULQWHQGHQWRI,QVXUDQFHVHHNLQJ DGHFODUDWRU\
MXGJPHQWWKDWFHUWDLQ2KLROLFHQVLQJSURYLVLRQVDVDSSOLHGWR
QDWLRQDOEDQNVDUHSUHHPSWHGE\86&†DQG D
SHUPDQHQW LQMXQFWLRQ SUHYHQWLQJ HQIRUFHPHQW RI WKHVH
SURYLVLRQVDJDLQVWQDWLRQDOEDQNVWRWKHH[WHQWWKDWWKH\DUH
SUHHPSWHG 6SHFLILFDOO\ DW LVVXH LV WKH YLDELOLW\ RI 2KLR¶V
³SULQFLSDOSXUSRVHWHVW´DVZHOODVYDULRXVVWDWXWRU\OLFHQVLQJ
UHTXLUHPHQWV )DFHG ZLWK FURVVPRWLRQV IRU VXPPDU\
MXGJPHQW WKH GLVWULFW FRXUW JUDQWHG VXPPDU\ MXGJPHQW LQ
IDYRU RI WKH SODLQWLIIV SURYLGLQJ WKHP ZLWK WKH UHTXHVWHG
GHFODUDWRU\DQGLQMXQFWLYHUHOLHI
6XEVHTXHQW WR WKH ILOLQJ RI WKH DFWLRQ D QXPEHU RI
LQVXUDQFHWUDGHRUJDQL]DWLRQVLQWHUYHQHGDVGHIHQGDQWV7KH\
QRZDSSHDOWKHGLVWULFWFRXUW¶VGHFLVLRQ+RZHYHUEHFDXVH
WKH VWDWH VXSHULQWHQGHQW RI LQVXUDQFH WKH RULJLQDO SDUW\
GHIHQGDQW KDV QRW DSSHDOHG DSSDUHQWO\ DFTXLHVFLQJ LQ WKH
RUGHURIQRQHQIRUFHPHQWRIWKHVWDWHVWDWXWHVLQTXHVWLRQWKH
SODLQWLIIVFKDOOHQJHWKHVWDQGLQJRIWKHLQWHUYHQRUVEHIRUHWKLV
FRXUW)RUWKHUHDVRQVVHWRXWEHORZZHFRQFOXGHWKDWWKH
LQWHUYHQRUVGRLQGHHGKDYHVWDQGLQJWREULQJWKLVDSSHDOEXW
QHYHUWKHOHVVZHDIILUPWKHMXGJPHQWRIWKHGLVWULFWFRXUWRQ
WKHPHULWV%HFDXVHRIOHJLVODWLRQHQDFWHGDIWHUMXGJPHQWZDV
HQWHUHG KRZHYHU WKH FDVH PXVW EH UHPDQGHG IRU IXUWKHU
SURFHHGLQJV

-- 3 of 14 --

$VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO
1R
7KH $VVRFLDWLRQ RI %DQNV LQ ,QVXUDQFH LV D QDWLRQDO WUDGH
DVVRFLDWLRQ RI ILQDQFLDO LQVWLWXWLRQV ZLWK DQ LQWHUHVW LQ LQVXUDQFH DFWLYLWLHV
7KH $PHULFDQ %DQNHUV $VVRFLDWLRQ ,QVXUDQFH $VVRFLDWLRQ LV D VHSDUDWHO\
FKDUWHUHG QRQSURILW VXEVLGLDU\ RI WKH $PHULFDQ %DQNHUV $VVRFLDWLRQ 7KH
2KLR %DQNHUV $VVRFLDWLRQ LV D QRQSURILW WUDGH DVVRFLDWLRQ LQ 2KLR
,QFOXGHG LQ WKH PHPEHUVKLS RI DOO WKUHH RUJDQL]DWLRQV DUH QDWLRQDO EDQNV
GRLQJ EXVLQHVV LQ 2KLR LQ WRZQV ZLWK RU IHZHU LQKDELWDQWV
+XQWLQJWRQ 1DWLRQDO %DQN LV D QDWLRQDO EDQN GRLQJ EXVLQHVV LQ WKH 9LOODJH
RI *URYHSRUW 2KLR
7KH VWDWXWH SURYLGHV LQ UHOHYDQW SDUW
,Q DGGLWLRQ WR WKH SRZHUV QRZ YHVWHG E\ ODZ LQ WKH QDWLRQDO
EDQNLQJ DVVRFLDWLRQV RUJDQL]HG XQGHU WKH ODZ RI WKH 8QLWHG
)$&78$/$1'352&('85$/%$&.*5281'
7KLVFKDOOHQJHWRWKH2KLRLQVXUDQFHOLFHQVLQJODZVEHJDQ
ZKHQ WKH $VVRFLDWLRQ RI %DQNV LQ ,QVXUDQFH ,QF WKH
$PHULFDQ %DQNHUV $VVRFLDWLRQ ,QVXUDQFH $VVRFLDWLRQ WKH
2KLR%DQNHUV$VVRFLDWLRQDQGWKH+XQWLQJWRQ1DWLRQDO%DQN
ILOHGVXLWDJDLQVW+DUROG7'XU\HHLQKLVRIILFLDOFDSDFLW\DV
KHDG RI WKH 2KLR 'HSDUWPHQW RI ,QVXUDQFH 6KRUWO\
WKHUHDIWHUWKH,QGHSHQGHQW,QVXUDQFH$JHQWVRI2KLR,QFWKH
2KLR$VVRFLDWLRQRI/LIH8QGHUZULWHUVWKH2KLR$VVRFLDWLRQ
RI3URIHVVLRQDO,QVXUDQFH$JHQWV,QFWKH2KLR/DQG7LWOH
$VVRFLDWLRQWKH,QGHSHQGHQW,QVXUDQFH$JHQWVRI$PHULFD
,QFWKH1DWLRQDO$VVRFLDWLRQRI/LIH8QGHUZULWHUVDQGWKH
1DWLRQDO$VVRFLDWLRQRI3URIHVVLRQDO,QVXUDQFH$JHQWV,QF
LQWHUYHQHG DV GHIHQGDQWV LQ WKH VXLW 7KH LQWHUYHQRU
GHIHQGDQWVDUHDOOLQVXUDQFHWUDGHDVVRFLDWLRQVWKDWUHSUHVHQW
LQGHSHQGHQW LQVXUDQFH DJHQWV 7KH\ MRLQHG VXLW WR SURWHFW
WKHLU FRQVWLWXHQWV¶ HFRQRPLF LQWHUHVWV ZKLFK WKH\ FODLPHG
ZRXOGEHWKUHDWHQHGLIQDWLRQDOEDQNVZHUHDOORZHGWRVHOO
LQVXUDQFH ZLWKRXW KDYLQJ WR FRPSO\ IXOO\ ZLWK 2KLR¶V
LQVXUDQFHODZV
3ODLQWLIIVVXHGIRUGHFODUDWRU\DQGLQMXQFWLYHUHOLHIXQGHU
86&†DQG86&†7KH\VRXJKWDUXOLQJ
WKDW 86& † SUHHPSWV FHUWDLQ 2KLR LQVXUDQFH
1R $VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO

WKH\ZRXOGEHDSSOLHGWRQDWLRQDOEDQNVDUHSUHHPSWHG
E\IHGHUDOODZ
7KHGLVWULFWFRXUWGLGQRWDQDO\]HWKHOLFHQVLQJSURYLVLRQV
LQWKH2KLRVWDWXWHXQGHUWKHQHZSUHHPSWLRQVWDQGDUGVVHW
RXWLQWKH*UDPP/HDFK%OLOH\$FWVLQFHWKH$FWZDVQRWLQ
HIIHFWDWWKHWLPHVXPPDU\MXGJPHQWZDVJUDQWHG%HFDXVH
WKDWDQDO\VLVKDVQRWEHHQXQGHUWDNHQE\WKHGLVWULFWFRXUWZH
FRQFOXGH WKDW WKH FDVH PXVW EH UHPDQGHG IRU WKDW OLPLWHG
SXUSRVH 7KH GLVWULFW FRXUW VKRXOG DQDO\]H HDFK RI WKH
SURYLVLRQV LQ WKH 2KLR VWDWXWH LQGLYLGXDOO\ WR GHWHUPLQH
ZKLFKLIDQ\VXUYLYHWKHSUHHPSWLYHHIIHFWRI*UDPP/HDFK
%OLOH\
&21&/86,21
)RUWKHUHDVRQVVWDWHGDERYHZHKROGWKDWWKHLQWHUYHQRU
GHIHQGDQWV GR KDYH VWDQGLQJ WR DSSHDO 1HYHUWKHOHVV ZH
$)),50WKHGLVWULFWFRXUW¶VJUDQWRIVXPPDU\MXGJPHQWWR
WKH SODLQWLIIV EDVHG RQ WKH FRXUW¶V GHFLVLRQ WKDW WKH 2KLR
LQVXUDQFHVWDWXWHVDWLVVXHLQWKLVFDVHDUHSUHHPSWHGE\
86&†+RZHYHUZHIXUWKHUFRQFOXGHWKDWSDVVDJHRI
WKH*UDPP/HDFK%OLOH\$FW3XE/1R
PD\DIIHFWWKHMXGJPHQWEHORZDQG5(0$1'WKHFDVHIRU
WKHGLVWULFWFRXUW¶VIXUWKHUFRQVLGHUDWLRQXQGHUWKHQHZ$FW

-- 4 of 14 --

$VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO
1R
7KH2KLROHJLVODWXUHPXVWKDYHDQWLFLSDWHGWKDWWKHUH
PLJKWEHFRQVWLWXWLRQDOSUREOHPVZLWKUHTXLULQJQDWLRQDO
EDQNV WR FRPSO\ ZLWK WKH VWDWH¶V IRUHLJQ FRUSRUDWLRQ
OLFHQVLQJODZVEHFDXVHLWHQDFWHG2KLR5HYLVHG&RGH
† HIIHFWLYH 0D\ 7KDW VHFWLRQ
SURYLGHVWKDW³>L@IWKHODZVRIWKH8QLWHG6WDWHVSURKLELW
SUHHPSW RU RWKHUZLVH HOLPLQDWH WKH OLFHQVLQJ
UHTXLUHPHQW RI VHFWLRQV WR RI WKH
5HYLVHG&RGHZLWKUHVSHFWWRDFRUSRUDWLRQWKDWLVDEDQN
VDYLQJVEDQNRUVDYLQJVDQGORDQDVVRFLDWLRQFKDUWHUHG
XQGHUWKHODZVRIWKH8QLWHG6WDWHV´WKHQVXFKEDQNLV
UHTXLUHG RQO\ WR ILOH D QRWLFH SURYLGLQJ FHUWDLQ
LQIRUPDWLRQVXFKDVWKHQDPHRIWKHFRUSRUDWLRQDQGLWV
EXVLQHVV DGGUHVV DQG DSSRLQWLQJ D GHVLJQDWHG DJHQW
(YHQ†FRQWDLQVVRPHTXHVWLRQDEOHSURYLVLRQV
VXFKDVWKHUHTXLUHPHQWWKDWWKHQRWLFHEHDFFRPSDQLHG
E\ D ILOLQJ IHH +RZHYHU † GRHV QRW
SURYLGHIRUWKHLVVXDQFHRUUHYRFDWLRQRIDOLFHQVHQRU
GRHVLWH[SUHVVO\VWDWHWKDWWKHILOLQJRIWKHQRWLFHLVD
SUHUHTXLVLWHIRUGRLQJEXVLQHVVLQWKHVWDWH$OWKRXJK
FRXFKHGLQPDQGDWRU\WHUPVWKHVWDWXWHSURYLGHVIRUQR
PHFKDQLVPIRULWVHQIRUFHPHQWDQGQRFRQVHTXHQFHVIRU
DIDLOXUHWRFRPSO\ZLWKLWVWHUPV
7KXVFRPSOLDQFHZLWK†LVWHFKQLFDOO\QRW
DOLFHQVLQJUHTXLUHPHQW IRUEHFRPLQJ³TXDOLILHGWRGR
EXVLQHVVLQWKLVVWDWHXQGHUWKHDSSOLFDEOHSURYLVLRQVRI
7LWOH;9,,´ZLWKLQWKHPHDQLQJRI†† ( DQG
DQG * DQG 6LQFHWKHSDUWLHVKDYHQRW
IXOO\ DGGUHVVHG WKH H[WHQW LI DQ\ WR ZKLFK D QDWLRQDO
EDQNZRXOGEHERXQGWRIROORZWKHQRWLFHSURYLVLRQVRI
† WKH FRXUW ZLOO QRW UHVROYH WKDW LVVXH KHUH
+RZHYHU WKH FRXUW GRHV FRQFOXGH WKDW XQGHU WKH
6XSUHPDF\&ODXVHQDWLRQDOEDQNVZRXOGQRWEHERXQG
E\ WKH OLFHQVLQJ UHTXLUHPHQWV IRU IRUHLJQ FRUSRUDWLRQV
IRXQG LQ 2KLR 5HYLVHG &RGH †† WKURXJK
DQG WKDW WR WKH H[WHQW WKDW WKRVH OLFHQVLQJ
UHTXLUHPHQWVDUHLQFRUSRUDWHGLQWR†† ( DQG
DQG * DQG WKRVHVHFWLRQVLQVRIDUDV
1R $VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO

6WDWHV DQ\ VXFK DVVRFLDWLRQ ORFDWHG DQG GRLQJ EXVLQHVV LQ DQ\
SODFH WKH SRSXODWLRQ RI ZKLFK GRHV QRW H[FHHG ILYH WKRXVDQG
LQKDELWDQWV PD\ XQGHU VXFK UXOHV DQG UHJXODWLRQV DV PD\ EH
SUHVFULEHG E\ WKH &RPSWUROOHU RI WKH &XUUHQF\ DFW DV WKH DJHQW
IRU DQ\ ILUH OLIH RU RWKHU LQVXUDQFH FRPSDQ\ DXWKRUL]HG E\ WKH
DXWKRULWLHV RI WKH 6WDWH LQ ZKLFK VDLG EDQN LV ORFDWHG WR GR VDLG
EXVLQHVV LQ VDLG 6WDWH E\ VROLFLWLQJ DQG VHOOLQJ LQVXUDQFH DQG
FROOHFWLQJ SUHPLXPV RQ SROLFLHV LVVXHG E\ VXFK FRPSDQ\
86& †
3ODLQWLIIV DOVR FKDOOHQJHG 25& † % ZKLFK SURYLGHV
1R EDQN WUXVW FRPSDQ\ EDQN DQG WUXVW FRPSDQ\ RU RWKHU
OHQGLQJ LQVWLWXWLRQ PRUWJDJH VHUYLFH EURNHUDJH PRUWJDJH
JXDUDQW\ FRPSDQ\ HVFURZ FRPSDQ\ UHDO HVWDWH FRPSDQ\ RU DQ\
VXEVLGLDULHV WKHUHRI RU DQ\ LQGLYLGXDOV VR HQJDJHG VKDOO EH
SHUPLWWHG WR DFW DV DQ DJHQW IRU D WLWOH LQVXUDQFH FRPSDQ\
7KH GHIHQGDQWV DJUHHG WKDW 86& † SUHHPSWV 25& † %
KRZHYHU 7KH LQWHUYHQRUGHIHQGDQWV GR QRW DSSHDO WKH GLVWULFW FRXUW¶V
JUDQW RI VXPPDU\ MXGJPHQW WR SODLQWLIIV RQ WKLV LVVXH
OLFHQVLQJ SURYLVLRQV XQGHU WKH 6XSUHPDF\ &ODXVH RI WKH
8QLWHG6WDWHV&RQVWLWXWLRQ86&2167$UW9,FO7KH\
DOVRVRXJKWDQLQMXQFWLRQWRSUHYHQW'XU\HHIURPHQIRUFLQJ
WKHVHSURYLVLRQVDJDLQVWQDWLRQDOEDQNVWRWKHH[WHQWWKDWWKH
SURYLVLRQVZHUHSUHHPSWHGE\IHGHUDOODZ6SHFLILFDOO\WKH
SODLQWLIIV DUJXHG WKDW † SUHHPSWV ERWK 2KLR¶V SULQFLSDO
SXUSRVH WHVW DV FRGLILHG LQ 25& †† %
$ & DQG ' DQG WKH
SURYLVLRQVRI25&†† ( DQG *
DQG DQG & WRWKHH[WHQWWKDWWKH\FRQGLWLRQD
QDWLRQDO EDQN¶V H[HUFLVH RI LWV † SRZHUV RQ WKH EDQN¶V
TXDOLI\LQJ WR GR EXVLQHVV LQ 2KLR XQGHU WKH JHQHUDO
FRUSRUDWLRQODZUHPDLQLQJLQJRRGVWDQGLQJZLWKWKH2KLR
VHFUHWDU\RIVWDWHDQGRUJDQL]LQJIRUWKHSXUSRVHRIDFWLQJDV
DQLQVXUDQFHDJHQW
,Q FRQMXQFWLRQ ZLWK WKH SODLQWLIIV¶ PRWLRQ IRU VXPPDU\
MXGJPHQWWKH8QLWHG6WDWHV2IILFHRIWKH&RPSWUROOHURIWKH

-- 5 of 14 --

$VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO
1R
&XUUHQF\ VXEPLWWHG D EULHI DV DPLFXV FXULDH XUJLQJ WKH
GLVWULFWFRXUWWRILQGWKDWWKHFKDOOHQJHG2KLRSURYLVLRQVZHUH
SUHHPSWHG EHFDXVH WKH\ SUHYHQW RU LPSDLU WKH DELOLW\ RI
QDWLRQDOEDQNVWRH[HUFLVHWKHLU†SRZHUVWRVHOOLQVXUDQFH
'HIHQGDQW'XU\HHDQGWKHLQWHUYHQRUGHIHQGDQWVILOHGFURVV
PRWLRQVIRUVXPPDU\MXGJPHQW$OORIWKHSDUWLHVDJUHHGWKDW
WKHLVVXHVSUHVHQWHGLQWKLVFDVHZHUHSULPDULO\TXHVWLRQVRI
ODZDQGWKDWWKHUHZHUHQRJHQXLQHLVVXHVRIPDWHULDOIDFW
6XEVHTXHQWO\WKHGLVWULFWFRXUWHQWHUHGVXPPDU\MXGJPHQW
IRU WKH SODLQWLIIV JUDQWLQJ D GHFODUDWRU\ MXGJPHQW DQG
SHUPDQHQWO\HQMRLQLQJWKHVXSHULQWHQGHQWIURPHQIRUFLQJWKH
FKDOOHQJHG2KLRSURYLVLRQVDJDLQVWQDWLRQDOEDQNVORFDWHGDQG
GRLQJEXVLQHVVLQWRZQVZLWKRUIHZHULQKDELWDQWV7KH
LQWHUYHQRUGHIHQGDQWVQRZDSSHDOWKHGLVWULFWFRXUW¶VGHFLVLRQ
',6&866,21
,6WDQGLQJRI,QWHUYHQRUV
$V D SUHOLPLQDU\ PDWWHU WKH SODLQWLIIV DUJXH WKDW WKH
LQWHUYHQRUGHIHQGDQWVODFNVWDQGLQJWRDSSHDORQWKHJURXQG
WKDW WKH\ GR QRW FODLP WR KDYH EHHQ LQMXUHG E\ WKH GLVWULFW
FRXUW¶V GHFLVLRQ 7KLV TXHVWLRQ LV FRPSOLFDWHG E\ WKH IDFW
WKDWKDYLQJGHFOLQHGWRDSSHDOWKHMXGJPHQWRIWKHGLVWULFW
FRXUWWKH2KLR6XSHULQWHQGHQWRI,QVXUDQFHDSSDUHQWO\GRHV
QRWLQWHQGWRHQIRUFHWKHSURYLVLRQVRIWKHVWDWXWHDWLVVXHKHUH
DQGLQVWHDGZHDVVXPHZLOOLQYRNHWKHDOWHUQDWHSURYLVLRQV
RI25&†6HHLQIUD
3HUPLVVLRQWRLQWHUYHQHLQDGLVWULFWFRXUWDFWLRQGRHVQRW
DXWRPDWLFDOO\ FRQIHU VWDQGLQJ WR DSSHDO 6HH 'LDPRQG Y
&KDUOHV86 :KHQFRQVLGHULQJZKHWKHUWKH
LQWHUYHQRUGHIHQGDQWVKDYHVWDQGLQJWRDSSHDORXUIRFXVLVRQ
WKH LQMXU\ FDXVHG E\ WKH MXGJPHQW UDWKHU WKDQ WKH LQMXU\
FDXVHGE\WKHXQGHUO\LQJIDFWV6HH$&KDUOHV$:ULJKW
$UWKXU50LOOHU (GZDUG+&RRSHU)('(5$/ 35$&7,&(
$1' 352&('85( † G HG ³$OWKRXJK WKH
GHWHUPLQDWLRQRIDQLQMXU\PD\QRWDOZD\VEHVLPSOHVWDQGLQJ
WRDSSHDOLVUHFRJQL]HGLIWKHDSSHOODQWFDQVKRZDQDGYHUVH
1R $VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO

* DQG WRFRQGLWLRQWKHOLFHQVXUHRIQDWLRQDO
EDQNV ORFDWHG DQG GRLQJ EXVLQHVV LQ WRZQV ZLWK RU
IHZHU LQKDELWDQWV XSRQ VXFK EDQNV ³TXDOLI\LQJ DQG EHLQJ
OLFHQVHGDVDIRUHLJQFRUSRUDWLRQWRGREXVLQHVVLQ2KLR´RU
³UHPDLQLQJLQJRRGVWDQGLQJZLWKWKH2KLRVHFUHWDU\RIVWDWH´
&ODLPLQJHUURULQWKHGLVWULFWFRXUW¶VUXOLQJWKHLQWHUYHQRU
GHIHQGDQWV UHSHDW WKHLU DUJXPHQW WKDW WKH 2KLR FRUSRUDWH
UHJLVWUDWLRQ UHTXLUHPHQWV ZRXOG QRW VLJQLILFDQWO\ LQWHUIHUH
ZLWKDQDWLRQDOEDQN¶VH[HUFLVHRILWV†SRZHUV7KH\DOVR
FRQWHQGWKDWWKHFRXUW¶VLQMXQFWLRQZDVLPSHUPLVVLEO\EURDG
)LQDOO\WKH\DUJXHWKDWWKHGLVWULFWFRXUW¶VDQDO\VLVRIDIHZ
GLVFUHWHUHTXLUHPHQWVFDQQRWMXVWLI\SUHHPSWLRQRIWKHHQWLUH
ERG\ RI FRUSRUDWH UHJLVWUDWLRQ UHTXLUHPHQWV FRQWDLQHG LQ
††WKURXJKRIWKH2KLR5HYLVHG&RGH
,QUHVSRQVHSODLQWLIIVDQGWKH2&&DUJXHWKDWDQDWLRQDO
EDQN¶VFRUSRUDWHH[LVWHQFHDELOLW\WRGREXVLQHVVDQGJRRG
VWDQGLQJDUHPDWWHUVRIIHGHUDOVWDQGDUGVXQGHUWKH1DWLRQDO
%DQN$FWDQGDUHQRWVXEMHFWWRVWDWHFRUSRUDWHTXDOLILFDWLRQ
VWDWXWHV 7KH\ UHFLWH D OLVW RI IHGHUDO VWDWXWHV HVWDEOLVKLQJ
WKHVHIHGHUDOVWDQGDUGV86&† JRYHUQLQJIRUPDWLRQ
RIQDWLRQDOEDQNVDQGWKHLUHQWU\LQWRDUWLFOHVRIDVVRFLDWLRQ
86& † D JRYHUQLQJ DPHQGPHQW RI DUWLFOHV RI
DVVRFLDWLRQ DQG86&††DQG JRYHUQLQJFRQWHQW
DQGILOLQJRIDQDWLRQDOEDQN¶VRUJDQL]DWLRQFHUWLILFDWH 7KH\
DOVRHPSKDVL]HWKDW86&†JUDQWVWKH&RPSWUROOHURI
WKH&XUUHQF\WKHDXWKRULW\WRGHWHUPLQHZKHWKHUDEDQNLQJ
DVVRFLDWLRQLV³ODZIXOO\HQWLWOHGWRFRPPHQFHWKHEXVLQHVVRI
EDQNLQJ´
7KH GLVWULFW FRXUW DJUHHG DQG QRWHG WKDW ³>J@UDQWLQJ WKH
DXWKRULW\WRGHWHUPLQHZKHWKHUDIRUHLJQQDWLRQDOEDQNKDV
H[FHHGHGWKHVFRSHRILWVDXWKRULW\WRWKH2KLRVHFUHWDU\RI
VWDWH UDWKHU WKDQ WKH &RPSWUROOHU RI WKH &XUUHQF\ ZKR LV
FKDUJHGXQGHUIHGHUDOODZZLWKWKDWUHVSRQVLELOLW\FRQVWLWXWHV
DQ XQFRQVWLWXWLRQDO LPSLQJHPHQW RQ WKH DXWKRULW\ RI WKH
&RPSWUROOHU´7KHFRXUWIXUWKHUREVHUYHGWKDW

-- 6 of 14 --

$VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO
1R
6HFWLRQV * DQG FRQWDLQLGHQWLFDOSURYLVLRQV
DSSOLFDEOHWROLIHLQVXUDQFHDJHQWV
7KH GLVWULFW FRXUW FRQFOXGHG WKDW WKHVH UHJLVWUDWLRQ
UHTXLUHPHQWVDUHPRUHWKDQPHUHIRUPDOLWLHVQRWLQJWKDWD
QDWLRQDO EDQN IDOOV ZLWKLQ 2KLR¶V GHILQLWLRQ RI D ³IRUHLJQ
FRUSRUDWLRQ´LILWVPDLQRIILFHLVORFDWHGLQDQRWKHUVWDWH6HH
25& † % ,Q LWV RSLQLRQ WKH FRXUW GLVFXVVHG
VHYHUDO RI 2KLR¶V UHTXLUHPHQWV IRU IRUHLJQ FRUSRUDWLRQV
$PRQJWKHPLVWKHSURKLELWLRQDJDLQVWDIRUHLJQFRUSRUDWLRQ
FRQGXFWLQJEXVLQHVVLQ2KLRXQOHVVLWKROGVDOLFHQVHWRGRVR
LVVXHGE\WKHVHFUHWDU\RIVWDWH6HH25&†7R
REWDLQDOLFHQVHDIRUHLJQFRUSRUDWLRQPXVWILOHDQDSSOLFDWLRQ
DQGSD\DILOLQJIHHRI6HH25&† & 7KH
VHFUHWDU\RIVWDWHZLOOQRWLVVXHDOLFHQVHLILWDSSHDUVWKDWWKH
IRUHLJQ FRUSRUDWLRQ¶V QDPH LV SURKLELWHG E\ ODZ RU LV
LQGLVWLQJXLVKDEOHIURPWKHQDPHRIDQRWKHURWKHUFRUSRUDWLRQ
GRLQJEXVLQHVVLQ2KLR6HH25&† ' $IRUHLJQ
FRUSRUDWLRQ¶V OLFHQVH FDQ EH FDQFHOHG LI LW WUDQVDFWV DQ\
EXVLQHVVLQ2KLRWKDWFRXOGQRWODZIXOO\EHWUDQVDFWHGE\D
GRPHVWLFFRUSRUDWLRQ6HH25&†
7KH GLVWULFW FRXUW IRXQG WKDW WKHVH SURYLVLRQV FRQVWLWXWH
³LPSHUPLVVLEOHFRQGLWLRQV´XSRQDQDWLRQDOEDQN¶VDELOLW\WR
GREXVLQHVVLQ2KLR,QVXSSRUWRILWVGHFLVLRQWKHFRXUWFLWHG
D 0DVVDFKXVHWWV GLVWULFW FRXUW GHFLVLRQ KROGLQJ WKDW
³>Q@HLWKHUVWDWHVQRUVXEGLYLVLRQVWKHUHRIKDYHWKHSRZHUWR
OHY\OLFHQVHIHHVRQQDWLRQDOEDQNV´%DQNRI$PHULFD1DW¶O
7UXVW 6DY$VV¶QY/LPD)6XSS '0DVV
DQGD0DU\ODQGFLUFXLWFRXUWGHFLVLRQKROGLQJWKDW³WKHQDPH
RI >D QDWLRQDO EDQN@ LV VXEMHFW RQO\ WR WKH DSSURYDO RI WKH
FRPSWUROOHURIWKHFXUUHQF\´7KLUG1DW¶O%DQNRI%DOWLPRUH
Y7HDO) &'&0G 7KHFRXUWDOVRQRWHG
WKDW³DV WKHLQVWDQWFDVHLOOXVWUDWHVWKHUHPD\EHLQVWDQFHV
ZKHUH D QDWLRQDO EDQN ZRXOG EH DXWKRUL]HG WR WUDQVDFW
EXVLQHVVZKLFKFRXOGQRWOHJDOO\XQGHUVWDWHODZEHWUDQVDFWHG
E\ D GRPHVWLF FRUSRUDWLRQ´ 7KH FRXUW WKHUHIRUH
SHUPDQHQWO\HQMRLQHGWKH2KLRVXSHULQWHQGHQWRILQVXUDQFH
IURP XVLQJ 25& †† ( DQG DQG
1R $VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO

HIIHFWRIWKHMXGJPHQWDQGGHQLHGLIQRDGYHUVHHIIHFWFDQEH
VKRZQ´,G
,Q WKLV FDVH UHJDUGOHVV RI WKH GHFLVLRQ RI WKH 2KLR
6XSHULQWHQGHQWRI,QVXUDQFHQRWWRDSSHDOLQKLVRZQQDPH
WKH MXGJPHQW RI WKH GLVWULFW FRXUW KDV WKH HIIHFW RI HDVLQJ
UHVWULFWLRQV RQ WKH HQWU\ RI QDWLRQDO EDQNV LQWR WKH 2KLR
LQVXUDQFHDUHQD&RQVHTXHQWO\DVSRWHQWLDOFRPSHWLWRUVRI
WKRVH EDQNV WKH LQWHUYHQRUGHIHQGDQWV IDFH WKH WKUHDW RI
HFRQRPLFLQMXU\VKRXOGWKH2KLRVWDWXWRU\SURYLVLRQVQRWEH
HQIRUFHG 6XFK WKUHDWHQHG LQMXU\ LV VXIILFLHQW WR FRQIHU
DSSHOODWHVWDQGLQJRQWKHLQWHUYHQRUGHIHQGDQWVDQGDOORZV
WKHPWRFKDOOHQJHWKHPHULWVRIWKHGLVWULFWFRXUW¶VGHFLVLRQ
6HHHJ.HOOH\Y6HOLQ)G WK&LU
,,$SSOLFDEOH)HGHUDO6WDWXWHV
$V WKH GLVWULFW FRXUW QRWHG LQ LWV H[WHQVLYH DQG ZHOO
UHDVRQHGRSLQLRQ
1DWLRQDOEDQNVDUHEURXJKWLQWRH[LVWHQFHXQGHUIHGHUDO
OHJLVODWLRQDQGDUHLQVWUXPHQWVRIWKHIHGHUDOJRYHUQPHQW
ZKLFK DUH VXEMHFW WR WKH SDUDPRXQW DXWKRULW\ RI WKH
8QLWHG6WDWHV01DKDV&R,QFY)LUVW1DWLRQDO%DQN
RI+RW6SULQJV)G WK&LU 7KXV
LW LV ZHOO HVWDEOLVKHG WKDW DQ\ VWDWH ODZ OLPLWLQJ WKH
RSHUDWLRQRIQDWLRQDOEDQNVLVSUHHPSWHGE\IHGHUDOODZ
DQGLQYDOLGXQGHUWKH6XSUHPDF\&ODXVHLIWKHVWDWHODZ
³H[SUHVVO\FRQIOLFWVZLWKWKHODZVRIWKH8QLWHG6WDWHV
DQGHLWKHUIUXVWUDWHVWKHSXUSRVHRIQDWLRQDOOHJLVODWLRQRU
LPSDLUVWKHHIILFLHQF\RI>QDWLRQDOEDQNV@WRGLVFKDUJHWKH
GXWLHVIRUWKHSHUIRUPDQFHRIZKLFKWKH\ZHUHFUHDWHG´
'DYLV Y (OPLUD 6DYLQJV %DQN 86
&RQJUHVV PD\ FRQIHU SRZHU RQ WKH VWDWHV WR UHJXODWH
QDWLRQDOEDQNVRUPD\UHWDLQWKDWSRZHU,QGHSHQGHQW
&RPP%DQNHUV$VV¶QRI6RXWK'DNRWD,QFY%RDUGRI
*RYHUQRUV RI )HGHUDO 5HVHUYH 6\VWHP )G
'& &LU 7KH TXHVWLRQ LV RQH RI
FRQJUHVVLRQDOLQWHQWWKDWLVGLG&RQJUHVVLQHQDFWLQJWKH

-- 7 of 14 --

$VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO
1R
IHGHUDO ODZ LQWHQG WR H[HUFLVH LWV FRQVWLWXWLRQDOO\
GHOHJDWHG DXWKRULW\ WR VHW DVLGH WKH ODZV RI WKH VWDWH"
&DOLIRUQLD)HG6DY /RDQ$VV¶QY*XHUUD86
$EVHQW H[SOLFLW SUHHPSWLRQ
ODQJXDJH FRXUWV PXVW FRQVLGHU ZKHWKHU WKH IHGHUDO
VWDWXWH¶V³VWUXFWXUHDQGSXUSRVH´RUQRQVSHFLILFVWDWXWRU\
ODQJXDJHQRQHWKHOHVVUHYHDODFOHDUEXWLPSOLFLWSUH
HPSWLYH LQWHQW -RQHV Y 5DWK 3DFNLQJ &R 86

7KH 6XSUHPDF\ &ODXVH ³LQYDOLGDWHV VWDWH ODZV WKDW
μLQWHUIHUH ZLWK RU DUH FRQWUDU\ WR¶ IHGHUDO ODZ´
+LOOVERURXJK&RXQW\)ODY$XWRPDWHG0HGLFDO/DEV
,QF 86 TXRWLQJ *LEERQV Y
2JGHQ:KHDW )HGHUDOODZPD\SUH
HPSW VWDWH ODZ ZKHUH LW LV LQ ³LUUHFRQFLODEOH FRQIOLFW´
ZLWKVWDWHODZ5LFHY1RUPDQ:LOOLDPV&R86
7KLVPD\RFFXUZKHUHFRPSOLDQFHZLWK
ERWK VWDWXWHV LV DQ LPSRVVLELOLW\ )ORULGD /LPH
$YRFDGR*URZHUV,QFY3DXO86
3UHHPSWLRQLVDOVRDSSURSULDWHZKHUHVWDWHODZ
³VWDQGV DV DQ REVWDFOH WR WKH DFFRPSOLVKPHQW DQG
H[HFXWLRQ RI WKH IXOO SXUSRVHV DQG REMHFWLYHV RI
&RQJUHVV´/DZUHQFH&RXQW\Y/HDG'HDGZRRG6FKRRO
'LVW1R86 4XRWLQJ+LQHV
Y'DYLGRZLW]86
:KHUHVWDWHDQGIHGHUDOODZVDUHLQFRQVLVWHQWWKHVWDWH
ODZLVSUHHPSWHGHYHQLILWZDVHQDFWHGE\WKHVWDWHWR
SURWHFWLWVFLWL]HQVRUFRQVXPHUV$VWKH6XSUHPH&RXUW
QRWHG LQ *DGH Y 1DWLRQDO 6ROLG :DVWHV 0DQDJHPHQW
$VV¶Q86 LQKROGLQJWKDWDVWDWHODZ
GHVLJQDWHGWRSURPRWHZRUNHUVDIHW\ZDVSUHHPSWHG
,Q GHWHUPLQLQJ ZKHWKHU VWDWH ODZ ³VWDQGV DV DQ
REVWDFOH´WRWKHIXOOLPSOHPHQWDWLRQRIDIHGHUDOODZ
+LQHV Y 'DYLGRZLW] 86 DW ³LW LV QRW
HQRXJKWRVD\WKDWWKHXOWLPDWHJRDORIERWKIHGHUDO
DQGVWDWHODZLVWKHVDPH,QWHUQDWLRQDO3DSHU&RY
1R $VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO

,92KLR¶V&RUSRUDWH2UJDQL]DWLRQDO5HTXLUHPHQWV
IRU/LFHQVXUH
%H\RQGWKHVWDWXWRU\SURYLVLRQVVHWRXWDERYHWKHSODLQWLIIV
FKDOOHQJHGDQXPEHURIRWKHUVWDWHODZUHTXLUHPHQWVWKDWWKH\
PDLQWDLQ DUH SUHHPSWHG XQGHU IHGHUDO OHJLVODWLRQ 7KHVH
LQFOXGHIRUH[DPSOH25&† & ZKLFKSUHYHQWV
WKHVXSHULQWHQGHQWRILQVXUDQFHIURPLVVXLQJDOLIHLQVXUDQFH
OLFHQVH ZLWKRXW ILUVW GHWHUPLQLQJ WKDW WKH DSSOLFDQW ³ZDV
RUJDQL]HGIRUWKHSXUSRVHRIDFWLQJDVDQLQVXUDQFHDJHQW´
$VWKH2&&QRWHVLQLWVEULHIHYHQWKRXJKFHUWDLQQDWLRQDO
EDQNVDUHDXWKRUL]HGWRVHOOLQVXUDQFHLWFDQQRWEHVDLGWKDW
WKH\ DUH RUJDQL]HG IRU WKH SXUSRVH RI DFWLQJ DV LQVXUDQFH
DJHQWV2EYLRXVO\WKHGLVWULFWFRXUWZDVFRUUHFWLQUXOLQJWKDW
QDWLRQDO EDQNV FDQQRW EH PDGH WR FRPSO\ ZLWK 25&
† & WRWKHH[WHQWWKDWWKHSURYLVLRQZRXOGSUHYHQW
DQDWLRQDOEDQNIURPH[HUFLVLQJLWV†SRZHUV
7KHUHPDLQLQJSURYLVLRQVDWLVVXH25&†† (
DQG DQG * DQG ZHUH DOVR KHOG WR EH
SUHHPSWHGE\†:HFRQFOXGHWKDWWKHGLVWULFWFRXUWGLG
QRWHUULQWKHVHUXOLQJVHLWKHU
6HFWLRQV ( DQG DSSO\ WR RWKHU WKDQ OLIH
LQVXUDQFHDJHQWVDQGSURYLGH
7KH VXSHULQWHQGHQW RI LQVXUDQFH VKDOO QRW LVVXH RU
FRQWLQXH WKH OLFHQVH RI D FRUSRUDWLRQ SDUWQHUVKLS RU
OLPLWHG OLDELOLW\ FRPSDQ\ RUJDQL]HG XQGHU WKH ODZV RI
WKLVRUDQ\RWKHUVWDWHXQOHVVWKHFRUSRUDWLRQSDUWQHUVKLS
RUOLPLWHGOLDELOLW\FRPSDQ\LVTXDOLILHGWRGREXVLQHVVLQ
WKLVVWDWHXQGHUWKHDSSOLFDEOHSURYLVLRQVRI7LWOH;9,,
>@RIWKH5HYLVHG&RGH
7KHIDLOXUHRIDFRUSRUDWLRQSDUWQHUVKLSRUOLPLWHG
OLDELOLW\ FRPSDQ\ WR EH LQ JRRG VWDQGLQJ ZLWK WKH
VHFUHWDU\RIVWDWHRUWRPDLQWDLQDYDOLGDSSRLQWPHQWRI
VWDWXWRU\DJHQWLVJURXQGVIRUVXVSHQVLRQRUUHYRFDWLRQRI
LWVOLFHQVH

-- 8 of 14 --

$VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO
1R
SUHHPSWHGQRWRQO\XQGHUWKH%DUQHWW%DQNVWDQGDUGVEXWDOVR
XQGHU WKH QHZ QRQGLVFULPLQDWLRQ VWDQGDUGV ODLG RXW LQ
† H RIWKH*UDPP/HDFK%OLOH\$FW6HFWLRQ H
RIWKH$FW86&† H SUHHPSWVDQ\VWDWHVWDWXWH
WKDW³DVLQWHUSUHWHGRUDSSOLHGKDVRUZLOOKDYHDQLPSDFWRQ
GHSRVLWRU\ LQVWLWXWLRQV RU VXEVLGLDULHV RU DIILOLDWHV WKHUHRI
WKDW LV VXEVWDQWLDOO\ PRUH DGYHUVH WKDQ LWV LPSDFW RQ RWKHU
SHUVRQVRUHQWLWLHVSURYLGLQJWKHVDPHSURGXFWVRUVHUYLFHVRU
HQJDJHGLQWKHVDPHDFWLYLWLHVWKDWDUHQRWLQVXUHGGHSRVLWRU\
LQVWLWXWLRQVRUVXEVLGLDULHVRUDIILOLDWHVWKHUHRIRUSHUVRQVRU
HQWLWLHVDIILOLDWHGWKHUHZLWK´6HFWLRQ % RIWKH2KLR
5HYLVHG&RGHSURYLGHVWKDWEHIRUHOLFHQVLQJDQDSSOLFDQWWR
GR WKH EXVLQHVV RI DQ RWKHU WKDQ OLIH LQVXUDQFH DJHQW WKH
VXSHULQWHQGHQWPXVWEHVDWLVILHGWKDW³LQDSSO\LQJIRUDOLFHQVH
LW LV QRW WKH DSSOLFDQW¶V SXUSRVH RU LQWHQWLRQ SULQFLSDOO\ WR
VROLFLWRUSODFHLQVXUDQFHRQWKHDSSOLFDQW¶VRZQSURSHUW\RU
WKDWRIUHODWLYHVHPSOR\HUVRUHPSOR\HHVRUWKDWIRUZKLFK
WKH\ RU WKH DSSOLFDQW LV DJHQW FXVWRGLDQ YHQGRU EDLOHH
WUXVWHHRUSD\HH´$VDOUHDG\QRWHGWUDQVDFWLRQVEHWZHHQD
EDQNDQGLWVFXVWRPHUVFRPPRQO\PDNHWKHEDQNWKH³DJHQW
FXVWRGLDQYHQGRUEDLOHHWUXVWHHRUSD\HH´RILWVFXVWRPHUV
EXWWKHVHUHODWLRQVKLSVDUHQRWURXWLQHO\FUHDWHGLQWKHJHQHUDO
LQVXUDQFH EXVLQHVV ,W LV REYLRXV WR XV WKDW WKH LPSDFW RI
† % RQ QDWLRQDO EDQNV ZRXOG WKHUHIRUH EH
³VXEVWDQWLDOO\PRUHDGYHUVH´WKDQWKHLPSDFWRIWKHSURYLVLRQ
RQJHQHUDOLQVXUDQFHDJHQWV
)RU WKH UHDVRQV VWDWHG DERYH ZH DJUHH ZLWK WKH GLVWULFW
FRXUW¶V GHFLVLRQ WR JUDQW SODLQWLIIV D GHFODUDWRU\ MXGJPHQW
KROGLQJ WKDW WKH SULQFLSDO SXUSRVH WHVW LV SUHHPSWHG E\
86&†WRWKHH[WHQWWKDWWKHWHVWLVDSSOLHGWRUHVWULFWWKH
SRZHU RI D QDWLRQDO EDQN ORFDWHG DQG GRLQJ EXVLQHVV LQ D
WRZQRIRUIHZHULQKDELWDQWVWRVHOOLQVXUDQFH:HDOVR
DIILUPWKHGLVWULFWFRXUW¶VGHFLVLRQSHUPDQHQWO\WRHQMRLQWKH
2KLR 6XSHULQWHQGHQW RI ,QVXUDQFH IURP HQIRUFLQJ WKH
SULQFLSDOSXUSRVHWHVWDJDLQVWVXFKQDWLRQDOEDQNV
1R $VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO

2XHOOHWWH86 ³$VWDWHODZ
DOVRLVSUHHPSWHGLILWLQWHUIHUHVZLWKWKHPHWKRGV
E\ZKLFKWKHIHGHUDOVWDWXWHZDVGHVLJQHGWRUHDFK
WK>DW@JRDO´,ELGVHHDOVR 0LFKLJDQ&DQQHUV
)UHH]HUV$VVQ,QFY$JULFXOWXUDO0DUNHWLQJDQG
%DUJDLQLQJ%G86
6HHDOVR0RUDOHVY7UDQV:RUOG$LUOLQHV,QF86
KROGLQJ WKDW D VWDWH VWDWXWH DOOHJHGO\
GHVLJQHG WR SUHYHQW PDUNHW GLVWRUWLRQ FDXVHG E\ IDOVH
DGYHUWLVLQJRIDLUIDUHVZDVSUHFOXGHGE\IHGHUDOODZSUH
HPSWLQJVWDWHUHJXODWLRQRIWKHUDWHVURXWHVRUVHUYLFHVRI
DLUFDUULHUV
$QDGGLWLRQDOSUHHPSWLRQGRFWULQHLVUHOHYDQWZKHUH
WKHVWDWHODZLQTXHVWLRQFRQVLVWVRILQVXUDQFHUHJXODWLRQ
8QGHU WKH SURYLVLRQV RI WKH 0F&DUUDQ)HUJXVRQ $FW
³>Q@R$FWRI&RQJUHVVVKDOOEHFRQVWUXHGWRLQYDOLGDWH
LPSDLURUVXSHUVHGHDQ\ODZHQDFWHGE\DQ\6WDWHIRUWKH
SXUSRVHRIUHJXODWLQJWKHEXVLQHVVRILQVXUDQFHRUZKLFK
LPSRVHVDIHHRUWD[XSRQVXFKEXVLQHVVXQOHVVVXFK$FW
VSHFLILFDOO\UHODWHVWRWKHEXVLQHVVRILQVXUDQFH>@´
86&† E

3UHHPSWLRQLQWKHDUHDRIQDWLRQDOEDQNVPD\RFFXU
HYHQLIFRPSOLDQFHZLWKERWKVWDWHDQGIHGHUDOODZVLV
SRVVLEOH ZKHUH WKH VWDWH ODZV ³LQIULQJH WKH QDWLRQDO
EDQNLQJ ODZV RU LPSRVH DQ XQGXH EXUGHQ RQ WKH
SHUIRUPDQFHRIWKHEDQNV¶IXQFWLRQV$QGHUVRQ1DWLRQDO
%DQNY/XFNHWW86 ,Q)LGHOLW\
)HGHUDO6DYLQJVDQG/RDQ$VVRFLDWLRQYGHOD&XHVWD
86 WKH6XSUHPH&RXUW IRXQGWKDWD
VWDWHODZZKLFKSURKLELWHGWKHXVHRIGXHRQVDOHFODXVHV
LQ ORDQ LQVWUXPHQWV ZDV SUHHPSWHG E\ D IHGHUDO
UHJXODWLRQWKDWH[SUHVVO\JUDQWHGWRIHGHUDOVDYLQJVDQG
ORDQV WKH SRZHU WR LQFOXGH VXFK FODXVHV LQ ORDQ
LQVWUXPHQWVHYHQWKRXJKIHGHUDOODZPHUHO\SHUPLWWHG

-- 9 of 14 --

$VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO
1R
EXWGLGQRWFRPSHOIHGHUDOVDYLQJVDQGORDQVWRLQFOXGH
GXHRQVDOHFODXVHVLQWKHLUFRQWUDFWV
7KH6XSUHPH&RXUWUHFHQWO\DGGUHVVHGWKHLVVXHRISUH
HPSWLRQXQGHU†LQ%DUQHWW%DQNRI0DULRQ&RXQW\
1$ Y 1HOVRQ 86 ,Q WKDW FDVH WKH
&RXUW KHOG WKDW † SUHHPSWHG D )ORULGD ODZ ZKLFK
SURKLELWHG QDWLRQDO EDQNV VHUYLQJ VPDOO WRZQV IURP
VHOOLQJLQVXUDQFHSROLFLHV
7KH&RXUWLQ%DUQHWW%DQNQRWHGWKDWWKHVWDWXWHVGLG
QRWLPSRVHGLUHFWO\FRQIOLFWLQJGXWLHVRQQDWLRQDOEDQNV
EHFDXVH † PHUHO\ SHUPLWWHG EXW GLG QRW UHTXLUH
QDWLRQDOEDQNVWRVHOOLQVXUDQFH,GDW+RZHYHUWKH
&RXUWVWDWHGWKDWWKHODQJXDJHRI†³VXJJHVWVDEURDG
QRWDOLPLWHGSHUPLVVLRQIRULQVXUDQFHVDOHVXQGHUWKH
UXOHVDQGUHJXODWLRQVRIWKH&RPSWUROOHURIWKH&XUUHQF\
,G DW 7KH &RXUW DOVR UHIHUUHG WR SUHYLRXV FDVHV
HVWDEOLVKLQJ D KLVWRU\ RI ³LQWHUSUHWLQJ JUDQWV RI ERWK
HQXPHUDWHGDQGLQFLGHQWDOμSRZHUV¶WRQDWLRQDOEDQNVDV
JUDQWVRIDXWKRULW\QRWQRUPDOO\OLPLWHGE\ EXWUDWKHU
RUGLQDULO\SUHHPSWLQJFRQWUDU\VWDWHODZ´,GDW
7KH &RXUW VWDWHG WKDW ³WKHVH FDVHV WDNH WKH YLHZ WKDW
QRUPDOO\&RQJUHVVZRXOGQRWZDQW6WDWHVWRIRUELGRUWR
LPSDLU VLJQLILFDQWO\ WKH H[HUFLVH RI D SRZHU WKDW
&RQJUHVVH[SOLFLWO\JUDQWHG´,GDW6WDWHVUHWDLQWKH
SRZHUWRUHJXODWHQDWLRQDOEDQNVRQO\ZKHUH³GRLQJVR
GRHV QRW SUHYHQW RU VLJQLILFDQWO\ LQWHUIHUH ZLWK WKH
QDWLRQDOEDQN¶VH[HUFLVHRILWVSRZHUV´,G

7KH6XSUHPH&RXUWLQ%DUQHWW%DQNDOVRDGGUHVVHGWKH
LVVXH RI ZKHWKHU † IHOO ZLWKLQ WKH DPELW RI WKH
0F&DUUDQ)HUJXVRQ $FW¶V DQWLSUHHPSWLRQ UXOH 7KH
&RXUWKHOGWKDW†³VSHFLILFDOO\UHODWHV´WRWKHEXVLQHVV
RILQVXUDQFHDQGWKHUHIRUHIDOOVZLWKLQWKHVFRSHRIWKH
³VSHFLILFDOO\UHODWHV´H[FHSWLRQWRWKHDQWLSUHHPSWLRQ
UXOH,GDW
1R $VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO

FRQWUROOHG RU DFWLYHO\ VXSHUYLVHG E\ D QDWLRQDO EDQN DQG
IRUPHGIRUWKHSXUSRVHRIFLUFXPYHQWLQJWKHUHTXLUHPHQWVRI
WKH SULQFLSDO SXUSRVH WHVW ZRXOG LQ DOO OLNHOLKRRG EH
FRQVLGHUHGWKHDOWHUHJRRIWKHEDQN´
)XUWKHUPRUHDVWKHSODLQWLIIVSRLQWRXW†DXWKRUL]HVWKH
QDWLRQDOEDQNVWKHPVHOYHVWRVHOOLQVXUDQFHLIWKH\DUHORFDWHG
DQGGRLQJEXVLQHVVLQWRZQVRIIHZHUWKDQLQKDELWDQWV
,WGRHVQRWUHTXLUHQDWLRQDOEDQNVWRVHOOLQVXUDQFHWKURXJK
VXEVLGLDULHV ,QGHHG WKH 8QLWHG 6WDWHV 6XSUHPH &RXUW
VSHFLILFDOO\QRWHGLQ%DUQHWW%DQNWKDWWKHZRUGLQJRI†
³VXJJHVWVDEURDGQRWDOLPLWHGSHUPLVVLRQ7KDWODQJXDJH
VD\VZLWKRXWUHOHYDQWTXDOLILFDWLRQWKDWQDWLRQDOEDQNVμPD\
DFWDVWKHDJHQW¶IRULQVXUDQFHVDOHV´%DUQHWW%DQN
86DW
,QVXPZHDJUHHZLWKWKHGLVWULFWFRXUWWKDWE\SUHYHQWLQJ
QDWLRQDO EDQNV IURP PDUNHWLQJ LQVXUDQFH WR D VLJQLILFDQW
VHJPHQW RI WKHLU FXVWRPHUV WKH SULQFLSDO SXUSRVH WHVW
³VLJQLILFDQWO\ LQWHUIHUHV´ ZLWK D QDWLRQDO EDQN¶V DELOLW\ WR
H[HUFLVH LWV † SRZHUV 6HH 86& † G $
7KLVFRQFOXVLRQLVDOVRVWURQJO\VXSSRUWHGE\WKHOHJLVODWLYH
KLVWRU\RIWKH*UDPP/HDFK%OLOH\$FW,QWKH6HQDWH5HSRUW
DFFRPSDQ\LQJWKHELOOWKH&RPPLWWHHRQ%DQNLQJ+RXVLQJ
DQG8UEDQ$IIDLUVQRWHG
>$Q@H[DPSOHRID6WDWHODZWKDWZRXOGEHSUHHPSWHG
XQGHUWKHVWDQGDUGVHWIRUWKLQVXEVHFWLRQ G $
ZRXOGEHDVWDWXWHWKDWOLPLWVWKHYROXPHRUSRUWLRQRI
LQVXUDQFHVDOHVPDGHE\DQLQVXUDQFHDJHQWRQWKHEDVLV
RI ZKHWKHU VXFK VDOHV DUH PDGH WR FXVWRPHUV RI DQ
LQVXUHGGHSRVLWRU\LQVWLWXWLRQRUDQ\DIILOLDWHRIWKHDJHQW
6XFKDVWDWXWHZRXOGSUHYHQWRUVLJQLILFDQWO\LQWHUIHUH
ZLWK WKH VDOH RI LQVXUDQFH WR DQ LQVXUHG GHSRVLWRU\
LQVWLWXWLRQ¶VFXVWRPHUV
6 5(3 12DW
)XUWKHUPRUH ZLWK UHJDUG WR 25& † % ZH
FRQFOXGHWKDWWKHSULQFLSDOSXUSRVHWHVWLQWKLVSURYLVLRQLV

-- 10 of 14 --

$VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO
1R
86 DW 7KH\ WKHQ LQVLVW WKDW EHFDXVH WKH SULQFLSDO
SXUSRVHWHVWDWLVVXHKHUHGRHVQRWWRWDOO\SURKLELWQDWLRQDO
EDQNVIURPVHOOLQJLQVXUDQFHWKHWHVWFDQQRWEHSUHHPSWHG
XQGHUIHGHUDOODZ
7KH LQWHUYHQRUV¶ DWWHPSW WR UHGHILQH ³VLJQLILFDQWO\
LQWHUIHUH´DV³HIIHFWLYHO\WKZDUW´LVXQSHUVXDVLYHKRZHYHU
,Q %DUQHWW %DQN WKH 6XSUHPH &RXUW KHOG WKDW VWDWHV PD\
UHJXODWHQDWLRQDOEDQNVRQO\ZKHUHGRLQJVRGRHVQRW³SUHYHQW
RUVLJQLILFDQWO\LQWHUIHUHZLWK´WKHEDQNV¶H[HUFLVHRIWKHLU
SRZHUV,GDW7KHLQWHUYHQRUVDUHDVNLQJWKLVFRXUWWR
LQWHUSUHW³VLJQLILFDQWO\LQWHUIHUH´LQDZD\WKDWZRXOGUHQGHU
WKH WZR SURQJV RI WKH %DUQHWW %DQN VWDQGDUG UHGXQGDQW
0RUHRYHU LPPHGLDWHO\ DIWHU OD\LQJ RXW WKH ³SUHYHQW RU
VLJQLILFDQWO\ LQWHUIHUH´ VWDQGDUG WKH %DUQHWW %DQN RSLQLRQ
FLWHG WZR FDVHV WKDW GR QRW VXSSRUW WKH LQWHUYHQRUV¶
LQWHUSUHWDWLRQRIWKHVWDQGDUG6HH0F&OHOODQY&KLSPDQ
86 FRQVLGHULQJZKHWKHUVWDWHVWDWXWH
ZRXOG ³LPSDLU WKH HIILFLHQF\ RI QDWLRQDO EDQNV´ RU ZRXOG
³GHVWUR>\@´RU³KDPSH>U@´QDWLRQDOEDQN¶VIXQFWLRQV )LUVW
1DW¶O%DQNY.HQWXFN\86 FRQVLGHULQJ
ZKHWKHUVWDWHODZZRXOG³LQWHUIHUHZLWKRULPSDLU>QDWLRQDO
EDQNV¶@HIILFLHQF\LQSHUIRUPLQJWKHIXQFWLRQVE\ZKLFKWKH\
DUHGHVLJQHGWRVHUYH>WKH)HGHUDO@JRYHUQPHQW´
7KH LQWHUYHQRUGHIHQGDQWV DOVR DUJXH WKDW WKH SULQFLSDO
SXUSRVHWHVWGRHVQRW³VLJQLILFDQWO\LQWHUIHUH´ZLWKDQDWLRQDO
EDQN¶V H[HUFLVH RI LWV SRZHUV EHFDXVH D QDWLRQDO EDQN FDQ
VLPSO\VHWXSDQDIILOLDWHRUVXEVLGLDU\WRVHOOLQVXUDQFHDQG
WKHUHE\DYRLGWKHLPSDFWRIWKHWHVW7KH\FODLPWKDWEDQNVLQ
2KLRKDYH³WUDGLWLRQDOO\VDWLVILHG´WKHSULQFLSDOSXUSRVHWHVW
E\H[HUFLVLQJWKLVRSWLRQ1DWLRQDOEDQNVDUHQRWOLNHO\WR
DYRLGWKHSULQFLSDOSXUSRVHWHVWE\VHOOLQJLQVXUDQFHWKURXJK
DVXEVLGLDU\KRZHYHU7KH6XSUHPH&RXUWRI2KLRKDVKHOG
WKDWDVXEVLGLDU\ZRXOGEHSURKLELWHGIURPREWDLQLQJDOLFHQVH
ZKHQWKDWVXEVLGLDU\LV³HVVHQWLDOO\WKHDOWHUHJRRILWVSDUHQW
IRUPHGSULPDULO\IRUWKHSXUSRVHRIFLUFXPYHQWLQJVWDWHODZ´
6HH)DEH1(GDW$VWKHGLVWULFWFRXUWQRWHG
LQ LWV RSLQLRQ ³8QGHU )DEH DQ\ VXEVLGLDU\ RZQHG DQG
1R $VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO

7KH $FW SURYLGHV LQ SDUW DV IROORZV
,1 *(1(5$/ ± ,Q DFFRUGDQFH ZLWK WKH OHJDO VWDQGDUGV IRU
SUHHPSWLRQ VHW IRUWK LQ WKH GHFLVLRQ RI WKH 6XSUHPH &RXUW RI WKH
8QLWHG 6WDWHV LQ %DUQHWW %DQN RI 0DULRQ &RXQW\ 16 Y 1HOVRQ
86 QR 6WDWH PD\ E\ VWDWXWH UHJXODWLRQ RUGHU
LQWHUSUHWDWLRQ RU RWKHU DFWLRQ SUHYHQW RU VLJQLILFDQWO\ LQWHUIHUH
ZLWK WKH DELOLW\ RI D GHSRVLWRU\ LQVWLWXWLRQ RU DQ DIILOLDWH WKHUHRI
WR HQJDJH GLUHFWO\ RU LQGLUHFWO\ HLWKHU E\ LWVHOI RU LQ FRQMXQFWLRQ
ZLWK DQ DIILOLDWH RU DQ\ RWKHU SHUVRQ LQ DQ\ LQVXUDQFH VDOHV
VROLFLWDWLRQ RU FURVVPDUNHWLQJ DFWLYLW\
86& † G $
6HH JHQHUDOO\ .DURO . 6SDUNV ³7KH 6WDWH RI %DQN ,QVXUDQFH
3RZHUV $IWHU *UDPP/HDFK%OLOH\´ 6($ $/,$%$ )HEUXDU\

2Q1RYHPEHUVRPHILYHPRQWKVDIWHUWKHGLVWULFW
FRXUWRSLQLRQZDVILOHGLQWKLVFDVH3UHVLGHQW&OLQWRQVLJQHG
LQWRODZWKH*UDPP/HDFK%OLOH\$FW3XE/1R
7KHQHZDFWFUHDWHVVHSDUDWHSUHHPSWLRQVWDQGDUGV
IRU VWDWH ODZV GHDOLQJ ZLWK WKH VDOH VROLFLWDWLRQ RU FURVV
PDUNHWLQJRILQVXUDQFHDQGGLVWLQJXLVKHVEHWZHHQDIIHFWHG
VWDWH ODZV DGRSWHG EHIRUH DQG WKRVH DGRSWHG DIWHU
6HSWHPEHU 6HH 6(1$7( &200 21 %$1.,1*
+286,1* $1' 85%$1 $))$,56 ),1$1&,$/ 6(59,&(6
02'(51,=$7,21 $&7 2) 6 5(3 12DW
7KH IRUPHU DUH VXEMHFW WR SUHHPSWLRQ XQGHU WKH
%DUQHWW %DQN VWDWXWRU\ SUHHPSWLRQ VWDQGDUGV SXUVXDQW WR
† G $ DQGLQFDVHVLQYROYLQJWKHVHVWDWHODZVWKH
2&&LVHQWLWOHGWRGHIHUHQFHXQGHUWKHSULQFLSOHVVHWRXWLQ
&KHYURQ86$,QFY1DWXUDO5HVRXUFHV'HIHQVH&RXQFLO
,QF86
6WDWHLQVXUDQFHVDOHVVROLFLWDWLRQDQGFURVVPDUNHWLQJODZV
DGRSWHGDIWHU6HSWHPEHUDUHVXEMHFWWRSUHHPSWLRQ
QRW RQO\ XQGHU WKH %DUQHWW %DQN VWDQGDUG ODLG RXW LQ
† G $ EXW DOVR XQGHU D QHZ QRQGLVFULPLQDWLRQ
VWDQGDUGHVWDEOLVKHGLQ† H 6HH65(312DW

-- 11 of 14 --

$VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO
1R
7KLV VWDQGDUG SUHHPSWV DQ\ VWDWH VWDWXWH UHJXODWLRQ
RUGHULQWHUSUHWDWLRQRURWKHUDFWLRQWKDW
GLVWLQJXLVKHVE\LWVWHUPVEHWZHHQLQVXUHGGHSRVLWRU\
LQVWLWXWLRQVRUVXEVLGLDULHVRUDIILOLDWHVWKHUHRIDQGRWKHU
SHUVRQVRUHQWLWLHVHQJDJHGLQVXFKDFWLYLWLHVLQDPDQQHU
WKDWLVLQDQ\ZD\DGYHUVHWRDQ\VXFKLQVXUHGGHSRVLWRU\
LQVWLWXWLRQRUVXEVLGLDU\RUDIILOLDWHWKHUHRI
DVLQWHUSUHWHGRUDSSOLHGKDVRUZLOOKDYHDQLPSDFW
RQ GHSRVLWRU\ LQVWLWXWLRQV RU VXEVLGLDULHV RU DIILOLDWHV
WKHUHRIWKDWLVVXEVWDQWLDOO\PRUHDGYHUVHWKDQLWVLPSDFW
RQRWKHUSHUVRQVRUHQWLWLHVSURYLGLQJWKHVDPHSURGXFWV
RUVHUYLFHVRUHQJDJHGLQWKHVDPHDFWLYLWLHVWKDWDUHQRW
LQVXUHG GHSRVLWRU\ LQVWLWXWLRQV RU VXEVLGLDULHV RU
DIILOLDWHV WKHUHRI RU SHUVRQV RU HQWLWLHV DIILOLDWHG
WKHUHZLWK
HIIHFWLYHO\ SUHYHQWV D GHSRVLWRU\ LQVWLWXWLRQ RU
VXEVLGLDU\RUDIILOLDWHWKHUHRIIURPHQJDJLQJLQLQVXUDQFH
DFWLYLWLHVDXWKRUL]HGRUSHUPLWWHGE\WKLV$FWRUDQ\RWKHU
SURYLVLRQRIIHGHUDOODZRU
FRQIOLFWV ZLWK WKH LQWHQW RI WKLV $FW JHQHUDOO\ WR
SHUPLW DIILOLDWLRQV WKDW DUH DXWKRUL]HG RU SHUPLWWHG E\
IHGHUDOODZEHWZHHQLQVXUHGGHSRVLWRU\LQVWLWXWLRQVRU
VXEVLGLDULHVRUDIILOLDWHVWKHUHRIDQGSHUVRQVDQGHQWLWLHV
HQJDJHGLQWKHEXVLQHVVRILQVXUDQFH
86&† H 7KHVWDQGDUGIRUOHJDOUHYLHZRIWKHVH
VWDWHVWDWXWHVLV³ZLWKRXWXQHTXDOGHIHUHQFH´6HH86&
† H
,,,2KLR¶V3ULQFLSDO3XUSRVH7HVW
2KLR¶V ³SULQFLSDO SXUSRVH WHVW´ LV FRGLILHG LQ 25&
†† % $ DQG & DQG
' 7KHVH VWDWXWHV DXWKRUL]H 2KLR¶V 6XSHULQWHQGHQW RI
,QVXUDQFH WR GHQ\ RU UHYRNH DQ LQVXUDQFH OLFHQVH XSRQ
GHWHUPLQLQJWKDWWKHSULQFLSDOSXUSRVHRIWKHOLFHQVHLVRUKDV
1R $VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO

FXVWRPHUVFRPPRQO\PDNHWKHEDQNWKH³DJHQWFXVWRGLDQ
YHQGRU EDLOHH WUXVWHH RU SD\HH´ RI LWV FXVWRPHUV WKHVH
UHODWLRQVKLSVDUHQRWURXWLQHO\FUHDWHGLQWKHJHQHUDOLQVXUDQFH
EXVLQHVV
,QGHHGWKHSODLQWLIIVFODLPWKDWWKHSULQFLSDOSXUSRVHWHVW
VKRXOG EH SUHHPSWHG SUHFLVHO\ EHFDXVH LW ZRXOG SUHYHQW
QDWLRQDOEDQNVIURPPDUNHWLQJLQVXUDQFHSURGXFWVSULPDULO\
WR WKHLU RZQ FXVWRPHUV 7KH\ FRQWHQG WKDW LQ SUHYHQWLQJ
QDWLRQDO EDQNV IURP PDUNHWLQJ LQVXUDQFH WR D VLJQLILFDQW
VHJPHQW RI WKLV WKHLU PRVW ORJLFDO PDUNHW WKH SULQFLSDO
SXUSRVH WHVW ZRXOG ³VLJQLILFDQWO\ LQWHUIHUH´ ZLWK D EDQN¶V
H[HUFLVHRILWV†SRZHUVXQGHUWKHSUHHPSWLRQVWDQGDUGV
ODLGRXWLQ%DUQHWW%DQN7KH\DOVRDUJXHWKDWDVDSUDFWLFDO
PDWWHUWKHSULQFLSDOSXUSRVHWHVWZRXOGIRUFHQDWLRQDOEDQNV
WR VHW XS D FRVWO\ DQG EXUGHQVRPH WUDFNLQJ V\VWHP WR
GHWHUPLQHZKHWKHUDSRWHQWLDOLQVXUDQFHVDOHIHOOZLWKLQWKH
UHVWULFWHGFDWHJRULHV
,WLVFHUWDLQO\WUXHWKDWXQGHUWKH2KLR$WWRUQH\*HQHUDO¶V
RSLQLRQDQDWLRQDOEDQN¶VFXVWRPHUVDUHYHU\OLNHO\WRIDOO
ZLWKLQRQHRIWKHUHVWULFWHGVWDWXWRU\FODVVHV7RFRPSO\ZLWK
2KLRODZDQDWLRQDOEDQNZRXOGWKHUHIRUHKDYHWROLPLWLWV
EXVLQHVVZLWKPDQ\LIQRWPRVWRILWVFXVWRPHUVXQWLOLWFRXOG
JHQHUDWHVXIILFLHQWEXVLQHVVRXWVLGHWKLVUHVWULFWHGFXVWRPHU
EDVHWRVWD\EHORZWKHSHUFHQWUDQJH$QGLIDQDWLRQDO
EDQNLVXQDEOHWRVXVWDLQVXIILFLHQWRXWVLGHEXVLQHVVLWZRXOG
KDYHWRUHGXFHLWVEXVLQHVVZLWKLWVRZQFXVWRPHUVWRHQVXUH
WKDWLWFROOHFWVOHVVWKDWSHUFHQWRILWVSUHPLXPVIURPWKHP
7KHWHVWZRXOGDOVRLQHYLWDEO\LPSRVHDGPLQLVWUDWLYHFRVWVRQ
QDWLRQDOEDQNV
7KH LQWHUYHQRUGHIHQGDQWV FRQWHQG KRZHYHU WKDW XQGHU
%DUQHWW %DQN WKH SULQFLSDO SXUSRVH WHVW VKRXOG QRW EH
FRQVLGHUHGWR³VLJQLILFDQWO\LQWHUIHUH´ZLWKDQDWLRQDOEDQN¶V
H[HUFLVHRILWV†SRZHUVXQOHVVLW³HVVHQWLDOO\WKZDUWHG´WKH
EDQN¶VH[HUFLVHRILWVSRZHUV7KH\HPSKDVL]HWKDWLQ%DUQHWW
%DQN WKH VWDWH VWDWXWH DW LVVXH WRWDOO\ SURKLELWHG DIILOLDWHG
QDWLRQDOEDQNVIURPVHOOLQJLQVXUDQFH6HH%DUQHWW%DQN

-- 12 of 14 --

$VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO
1R
$OWKRXJK † % GLG QRW FRPH LQWR HIIHFW XQWLO 2FWREHU
WKH SULQFLSDO SXUSRVH WHVW LWVHOI KDV EHHQ LQ H[LVWHQFH VLQFH DW OHDVW
WKH V
LQVXUDQFH %HFDXVH † % ZDV DGRSWHG DIWHU
6HSWHPEHULWLVVXEMHFWWRSUHHPSWLRQERWKXQGHUWKH
WUDGLWLRQDO %DUQHWW %DQN VWDQGDUGV DQG WKH QHZ QRQ
GLVFULPLQDWLRQVWDQGDUGVODLGRXWLQ† H RIWKH*UDPP
/HDFK%OLOH\$FW
2QDSSHDOWKHLQWHUYHQRUGHIHQGDQWVHPSKDVL]HWKDW2KLR¶V
SULQFLSDOSXUSRVHWHVWZDVHQDFWHGDVDFRQVXPHUSURWHFWLRQ
UHJXODWLRQ7KHVXSHULQWHQGHQWRILQVXUDQFHKDVH[SODLQHG
WKDWWKHWHVWZDV³XQGRXEWHGO\LQWHQGHGWRSUHYHQWDQXQIDLU
DGYDQWDJH LQ WKH SODFLQJ RI LQVXUDQFH DQG WKH OLFHQVLQJ RI
SHUVRQV ZKR ZHUH QRW LQWHQGLQJ WR GR D JHQHUDO LQVXUDQFH
EXVLQHVVEXWVLPSO\WRVXSSOHPHQWWKHLUSULPDU\EXVLQHVV´
7KHLQWHUYHQRUGHIHQGDQWVDUJXHWKDWWKHSODLQWLIIVREMHFWWR
WKH DSSOLFDWLRQ RI WKH SULQFLSDO SXUSRVH WHVW EHFDXVH LW
RSHUDWHVSUHFLVHO\DVWKH2KLROHJLVODWXUHLQWHQGHGLWSUHYHQWV
QDWLRQDOEDQNVIURPFDSWXULQJEXVLQHVVWKDWWKH\HIIHFWLYHO\
FRQWURO ZLWKRXW VXEMHFWLQJ WKHLU LQVXUDQFH SURGXFWV WR WKH
ULJRUV RI FRPSHWLWLRQ 7KH\ FODLP WKDW DOORZLQJ QDWLRQDO
EDQNV WR VKLHOG WKHLU LQVXUDQFH SURGXFWV IURP FRPSHWLWLRQ
ZRXOG OHDG WR KLJKHU SULFHV DQG XQVRXQG FRQVXPHU
SXUFKDVLQJGHFLVLRQV%XWDVQRWHGDERYHWKHIDFWWKDWWKH
VWDWHOHJLVODWXUHHQDFWHGWKHSULQFLSDOSXUSRVHUHTXLUHPHQWWR
SURWHFWJHQHUDOLQVXUDQFHDJHQWVDQGFRQVXPHUVGRHVQRWIRU
WKDWUHDVRQDORQHSUHFOXGHIHGHUDOSUHHPSWLRQ
7KH LQWHUYHQRUGHIHQGDQWV DOVR DUJXH WKDW WKH SULQFLSDO
SXUSRVHWHVWLVDODZRIJHQHUDODSSOLFDWLRQWKDWLQQRZD\
GLVFULPLQDWHV DJDLQVW QDWLRQDO EDQNV 7KH SODLQWLIIV LQVLVW
KRZHYHU WKDW WKH WHVW GRHV GLVFULPLQDWH DJDLQVW QDWLRQDO
EDQNV7KH\HPSKDVL]HWKDWWKHDGPLWWHGJRDORIWKHWHVWLVWR
GLVFRXUDJHWKHOLFHQVLQJRIWKRVHZKROLNHQDWLRQDOEDQNVGR
QRWLQWHQGWRHQJDJHLQWKHJHQHUDOLQVXUDQFHEXVLQHVVEXW
VHHNLQVWHDGWRVXSSOHPHQWWKHLUSULPDU\EXVLQHVV7KH\DOVR
HPSKDVL]HWKDWDOWKRXJKWUDQVDFWLRQVEHWZHHQDEDQNDQGLWV
1R $VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO

EHHQWRVROLFLWRUSODFHLQVXUDQFHRQWKHSURSHUW\RUOLYHVRI
SHUVRQVLQFHUWDLQSURKLELWHGFDWHJRULHV
)RUH[DPSOH†† & DQG ' FRQFHUQOLFHQVHVWR
VHOOOLIHLQVXUDQFH6HFWLRQ & SURYLGHVLQUHOHYDQW
SDUW
8SRQ ZULWWHQ QRWLFH E\ D OLIH LQVXUDQFH FRPSDQ\
DXWKRUL]HG WR WUDQVDFW EXVLQHVV LQ WKLV VWDWH RI LWV
DSSRLQWPHQW RI D FRUSRUDWLRQ SDUWQHUVKLS RU OLPLWHG
OLDELOLW\ FRPSDQ\ WR DFW DV LWV DJHQW LQ WKLV VWDWH WKH
VXSHULQWHQGHQW RI LQVXUDQFH VKDOO IXUQLVK VXFK
FRUSRUDWLRQ SDUWQHUVKLS RU OLPLWHG OLDELOLW\ FRPSDQ\
ZLWK DQ DSSOLFDWLRQ IRU DQ DJHQW¶V OLFHQVH ZKLFK VKDOO
FRQWDLQVXFKTXHVWLRQVDVZLOOHQDEOHWKHVXSHULQWHQGHQW
WRGHWHUPLQHWKDWLQDSSO\LQJIRUVXFKOLFHQVHLWLVQRW
WKHDSSRLQWHH¶VSXUSRVHRULQWHQWLRQSULQFLSDOO\WRVROLFLW
RUSODFHLQVXUDQFHRQWKHOLYHVRIWKHDSSRLQWHH¶VRIILFHUV
HPSOR\HHVRUVKDUHKROGHUVRUWKHOLYHVRISHUVRQVIRU
ZKRP WKH\ WKHLU UHODWLYHV RU WKH DSSRLQWHH LV DJHQW
FXVWRGLDQYHQGRUEDLOHHWUXVWHHRUSD\HH
6HFWLRQ ' DXWKRUL]HV WKH VXSHULQWHQGHQW RI
LQVXUDQFHWRVXVSHQGRUUHYRNHWKHOLFHQVHRIDOLIHLQVXUDQFH
DJHQW DIWHU D KHDULQJ LI WKH VXSHULQWHQGHQW ILQGV WKDW WKH
SULQFLSDO XVH RI WKH OLFHQVH KDV EHHQ WR ³VROLFLW SODFH RU
HIIHFW´ LQVXUDQFH RQ WKH OLYHV RI SHUVRQV LQ WKH FDWHJRULHV
HQXPHUDWHGLQ† &
6HFWLRQV % $ DQGFRQFHUQ
OLFHQVHVWRVHOOLQVXUDQFHRWKHUWKDQOLIHLQVXUDQFH6HFWLRQ
% SURYLGHVLQUHOHYDQWSDUW
7KH VXSHULQWHQGHQW RI LQVXUDQFH VKDOO LVVXH WR DQ
DSSOLFDQWDOLFHQVHWKDWVWDWHVLQVXEVWDQFHWKDWWKHSHUVRQ
LV DXWKRUL]HG WR GR WKH EXVLQHVV RI DQ RWKHU WKDQ OLIH
LQVXUDQFH DJHQW LQ WKLV VWDWH LI WKH VXSHULQWHQGHQW LV
VDWLVILHGWKDWLQDSSO\LQJIRUDOLFHQVHLWLVQRWWKH
DSSOLFDQW¶VSXUSRVHRULQWHQWLRQSULQFLSDOO\WRVROLFLWRU
SODFHLQVXUDQFHRQWKHDSSOLFDQW¶VRZQSURSHUW\RUWKDWRI

-- 13 of 14 --

$VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO
1R
UHODWLYHVHPSOR\HUVRUHPSOR\HHVRUWKDWIRUZKLFKWKH\
RU WKH DSSOLFDQW LV DJHQW FXVWRGLDQ YHQGRU EDLOHH
WUXVWHHRUSD\HH
6HFWLRQ JRYHUQV WKH DSSRLQWPHQW RI VROLFLWRUV
HPSOR\HG E\ LQVXUDQFH DJHQWV OLFHQVHG XQGHU †
8QGHU† $ WKHVXSHULQWHQGHQWRILQVXUDQFHZLOO
QRWLVVXHDQDSSRLQWPHQWWRWKHVROLFLWRUXQOHVVVDWLVILHGWKDW
LW LV QRW WKH ³VROLFWRU¶V SXUSRVH RU LQWHQWLRQ SULQFLSDOO\ WR
VROLFLWRUSODFHLQVXUDQFH´RQWKHVROLFLWRU¶VRZQSURSHUW\RU
RQWKHSURSHUW\RISHUVRQVLQWKHSURKLELWHGFDWHJRULHVOLVWHG
LQ†DERYH,QSHUWLQHQWSDUW†LQVWUXFWVWKH
VXSHULQWHQGHQW WRGHQ\DOLFHQVHWRDQDJHQWRUVROLFLWRURU
WRUHYRNHWKHOLFHQVHRIDQDJHQWRUVROLFLWRUZKHQVDWLVILHG
WKDWWKHSULQFLSDOXVHRIWKHOLFHQVHKDVEHHQRULV³WRSURFXUH
UHFHLYHRUIRUZDUGDSSOLFDWLRQVIRULQVXUDQFHRIDQ\NLQG
RWKHUWKDQOLIHRUWRVROLFLWSODFHRUHIIHFWVXFKLQVXUDQFH
GLUHFWO\RULQGLUHFWO\XSRQRULQFRQQHFWLRQZLWKWKHSURSHUW\´
RIVXFKDJHQWRUVROLFLWRURUWKDWRISHUVRQVLQWKHSURKLELWHG
FDWHJRULHVODLGRXWLQWKHH[FHUSWRI† % DERYH
7KH2KLR'HSDUWPHQWRI,QVXUDQFHHQIRUFHVWKH³SULQFLSDO
SXUSRVH´UHTXLUHPHQWLQSDUWWKURXJKDQXPHULFDOSHUFHQWDJH
WHVW 7KH VXSHULQWHQGHQW ZLOO SUHVXPH WKDW DQ DJHQW LV
YLRODWLQJ WKH SULQFLSDO SXUSRVH UHTXLUHPHQW LI WKH DJHQW¶V
VDOHVWRSHUVRQVZLWKLQRQHRUPRUHRIWKHUHVWULFWHGFODVVHV
DPRXQWVWRSHUFHQWRUPRUHRIWKHWRWDOSUHPLXPYROXPH
IRUDQ\RQHFDOHQGDU\HDU6HHHJ,QGHS,QV$JHQWVRI
2KLR ,QF Y )DEH 1(G 2KLR
GHVFULELQJ WKH SULQFLSDO SXUSRVH WHVW 7R UHEXW WKLV
SUHVXPSWLRQWKHDJHQWPXVWHVWDEOLVKWKDWLWLVQRWWDUJHWLQJ
FXVWRPHUVLQWKHUHVWULFWHGFODVVHV,QVWHDGDFFRUGLQJWRWKH
LQWHUYHQRUGHIHQGDQWV¶EULHILWPXVWVKRZWKDW³LWLVHQJDJLQJ
LQ D ERQD ILGH DJHQF\ EXVLQHVV WKDW LW LV PDNLQJ LWV
LQVXUDQFHVHUYLFHVDYDLODEOHWRDZLGHUDQJHRIFXVWRPHUVDQG
QRW VROHO\ WR LWV H[LVWLQJ QRQLQVXUDQFH FXVWRPHUV ± HYHQ
WKRXJKLWKDSSHQVWRKDYHJUHDWHUVXFFHVV LHEHWWHUWKDQ
SHUFHQW LQ VHOOLQJ LQVXUDQFH WR LWV H[LVWLQJ μHQXPHUDWHG
FXVWRPHUV¶´
1R $VV¶QRI%DQNVLQ,QV,QF
HWDOY'XU\HHHWDO

6HFWLRQ $ LV WKH IRUPHU † DPHQGHG DQG
UHFRGLILHG E\ 6 HIIHFWLYH %RWK WKH QHZ DQG ROG
YHUVLRQV RI WKH VWDWXWH FRQWDLQ WKH SULQFLSDO SXUSRVH WHVW
$QDGYLVRU\RSLQLRQLVVXHGE\WKH2KLR$WWRUQH\*HQHUDO
WKDW GHDOV LQ SDUW ZLWK WKH SULQFLSDO SXUSRVH UHTXLUHPHQW
GHVFULEHVWKHW\SHVRIUHODWLRQVKLSVEHWZHHQDEDQNDQGLWV
FXVWRPHUVWKDWZRXOGPDNHWKHEDQNWKH³DJHQWFXVWRGLDQ
YHQGRUEDLOHHWUXVWHHRUSD\HH´RILWVFXVWRPHUV6HH
2S $WW\ *HQ 2KLR $* /(;,6
$FFRUGLQJWRWKHRSLQLRQEDQNVDUH³SD\HHV HJPRUWJDJHHV
RISHUVRQVWRZKRPWKH\H[WHQGFUHGLW´,GDW7KH
RSLQLRQ DOVR H[SODLQV WKDW D EDQN LV D ³WUXVWHH´ ZKHQ LW
H[HUFLVHVLWVWUXVWSRZHUVD³EDLOHH´DQG³FXVWRGLDQ´ZKHQLW
SURYLGHVVDIHW\GHSRVLWER[HVIRULWVFXVWRPHUV¶SURSHUW\DQ
³DJHQW´ZKHQLWLVGHVLJQDWHGWRDFWLQWKDWFDSDFLW\RQEHKDOI
RISHUVRQVIRUZKRPWKHEDQNSURYLGHVILQDQFLDOVHUYLFHVDQG
³DUJXDEO\´D³YHQGRU´ZKHQVHOOLQJFHUWLILFDWHVRIGHSRVLW
PRQH\ PDUNHW FHUWLILFDWHV FRUSRUDWH VHFXULWLHV ERQGV
SURPLVVRU\QRWHVDQGRWKHULQYHVWPHQWLQVWUXPHQWV6HHLG
DW 7KH DWWRUQH\ JHQHUDO IXUWKHU QRWHV WKDW WKH
UHODWLRQVKLS EHWZHHQ D EDQN DQG LWV JHQHUDO GHSRVLWRUV LV
ZLGHO\FRQVLGHUHGWREHDGHEWRUFUHGLWRUUHODWLRQVKLS6HHLG
DW
6HYHUDORIWKH2KLRSURYLVLRQVLPSOHPHQWLQJWKHSULQFLSDO
SXUSRVH WHVW ZHUH DGRSWHG EHIRUH 6HSWHPEHU
†† & DQG ' FRQFHUQLQJ OLFHQVHV WR VHOO OLIH
LQVXUDQFH † $ FRQFHUQLQJWKHDSSRLQWPHQWRI
VROLFLWRUV WR UHSUHVHQW LQVXUDQFH DJHQWV DQG †
DXWKRUL]LQJWKHVXSHULQWHQGHQWWRGHQ\RUUHYRNHWKHOLFHQVH
RIDQDJHQWRUVROLFLWRUZKRKDVIDLOHGWKHWHVW 8QGHUWKH
*UDPP/HDFK%OLOH\ $FW WKHVH VWDWXWHV DUH VXEMHFW WR
SUHHPSWLRQXQGHUWKHVWDQGDUGVODLGRXWLQ%DUQHWW%DQN
86&† G $
6HFWLRQ % EHFDPHHIIHFWLYHRQ2FWREHU
KRZHYHU7KLVVHFWLRQOD\VRXWWKHVWDQGDUGVIRUOLFHQVLQJ
LQVXUDQFH DJHQWV LQ DOO EUDQFKHV RI LQVXUDQFH H[FHSW OLIH

-- 14 of 14 --

Poursuivez vos recherches dans ChatGPT ou Claude

Connectez Omnilex pour rechercher dans le corpus juridique depuis votre assistant IA.