Home » Topics » Compliance Masters Group (Members Only) » Reg. O Survey
- This topic has 3 replies, 4 voices, and was last updated 9 years, 10 months ago by jholzknecht.
December 31, 2012 at 3:32 pm EST #2648kowsleyMember
Does anyone have access to a Reg. O survey as described by my internal auditor:
We would like to start using an annual survey to send to all officers as a way to help document the decisions for classifying who falls under Regulation O and who doesn’t. In doing research, many banks are using this sort of survey but we can’t seem to find a copy of the survey.
Any help would be appreciated! Happy New Year!January 15, 2013 at 2:16 pm EST #3168jholzknechtKeymaster
I am familiar with the required annual survey used to determine the related interests of insiders. I have never developed such a survey, but it would not be a difficult task.
It would be nice if an existing member already had a survey, that is not copyrighted and could be shared with all our members. I will mention this in the next meeting. Hopefully someone will have something to share. If not, you and I will develop one.April 24, 2013 at 5:38 pm EDT #3156rcooperMember
Another option you might consider is a board resolution (see excerpt from Reg O below) to determine who is an executive officer. Through board resolution you could exclude all that you don’t deem executive officer (i.e. vice presidents, chairman, cashier, etc.) and declare through name and title who is an executive officer. This is something that would need to be renewed annually or sooner if there are changes in your list of executive officers. You would still need to do your related interest questionnaire to determine related interested of all insiders.
12 CFR 215.2(e)(1) states: Executive officer of a company or bank means a person who participates or has authority to participate (other than in the capacity of a director) in major policymaking functions of the company or bank, whether or not: the officer has an official title; the title designates the officer an assistant; or the officer is serving without salary or other compensation.1 The chairman of the board, the president, every vice president, the cashier, the secretary, and the treasurer of a company or bank are considered executive officers, unless the officer is excluded, by resolution of the board of directors or by the bylaws of the bank or company, from participation (other than in the capacity of a director) in major policymaking functions of the bank or company, and the officer does not actually participate therein.May 3, 2013 at 8:16 pm EDT #3069KCappsMember
The Bank’s Regulation O policy defines Executive Officers as those individuals with the title of Executive Vice President and above. In addition on an annual basis we send a Statement of Business Interest Questionnaire to both the Executive Officers and Board Members. I would be glad to provide you with a copy of our policy and the questionnaire if you would private message me at firstname.lastname@example.org.
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