No. 42125 (5-year Review): Rule R333-8. Authority for Banks to Issue Subordinated Capital Notes or Debentures  

  • DAR File No.: 42125
    Filed: 09/15/2017 09:07:21 AM

    NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

    Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

    Subsection 7-1-301(8)(v) authorizes the commissioner to put "limitations on the amount and type of borrowings by each class of financial institution in relation to the amount of its capital and the character and condition of its assets and its deposits and other liabilities". Section 7-3-28 covers the issuance of capital notes or debentures, when they shall be subordinated, that they may not exceed certain limitations, that the amount for not maturing within one year will be added to the capital of the bank, and other regulations for protection.

    Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

    No supporting or opposing written comments have been received by the agency concerning this rule.

    Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

    The rule establishes the criteria and procedures for issuance of subordinated capital notes or debentures and limitations on the total amount of such instruments which may be outstanding in order to protect the bank's depositors and shareholders. Therefore, this rule should be continued.

    The full text of this rule may be inspected, during regular business hours, at the Office of Administrative Rules, or at:

    Financial Institutions
    BanksRoom 201
    324 S STATE ST
    SALT LAKE CITY, UT 84111-2393

    Direct questions regarding this rule to:

    Effective:

    09/15/2017

    Authorized by:

    Edward Leary, Commissioner


Document Information

Effective Date:
9/15/2017
Publication Date:
10/01/2017
Type:
Five-Year Notices of Review and Statements of Continuation
Filed Date:
09/15/2017
Agencies:
Financial Institutions, Banks
Authorized By:
Edward Leary, Commissioner
DAR File No.:
42125
Summary:

No supporting or opposing written comments have been received by the agency concerning this rule.

CodeNo:
R333-8
CodeName:
{48661|R333-8|R333-8. Authority for Banks to Issue Subordinated Capital Notes or Debentures}
Link Address:
Financial InstitutionsBanksRoom 201 324 S STATE STSALT LAKE CITY, UT 84111-2393
Link Way:

Paul Allred, by phone at 801-538-8854, by FAX at 801-538-8894, or by Internet E-mail at pallred@utah.gov

AdditionalInfo:
More information about a Five-Year Notice of Review and Statement of Continuation is available online. The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at https://rules.utah.gov/publicat/bull_pdf/2017/b20171001.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version. For questions regarding the content or ...
Related Chapter/Rule NO.: (1)
R333-8. Authority for Banks to Issue Subordinated Capital Notes or Debentures.