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Under the new “extension of credit definition”:
Having credit exposure to the person arising from a derivative transaction (as defined in section 5200(b) of the Revised Statues of the United States (12 U.S.C. 84(b))), repurchase agreement, reverse repurchase agreement, securities lending transaction, or securities borrowing transaction between the Bank and the person.
Should we getting our sweep repurchase agreements formally approved by the BOD for Directors or just Principal Shareholders? Is there something that clarifies that?
Thanks!
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