Contracted exposure documentation shifted to annual auditor certification while preserving client undertaking against duplicate use. AD Category I banks may replace quarterly statutory-auditor certificates with a single annual certificate confirming that, at any time during the year, contracts outstanding with all AD Category I banks did not exceed the value of the underlying exposures; banks must still obtain an undertaking from clients that the contracted exposure has not been used for derivatives with any other AD bank.
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Provisions expressly mentioned in the judgment/order text.
Contracted exposure documentation shifted to annual auditor certification while preserving client undertaking against duplicate use.
AD Category I banks may replace quarterly statutory-auditor certificates with a single annual certificate confirming that, at any time during the year, contracts outstanding with all AD Category I banks did not exceed the value of the underlying exposures; banks must still obtain an undertaking from clients that the contracted exposure has not been used for derivatives with any other AD bank.
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