Registration of affiliated underwriters permitted if independent governance and operations, but enforcement may extend to related entities. Registration may be granted to two entities in the same group only if each is a separate legal entity with independent Boards (no majority common directors), arm's-length operations, independent key personnel and infrastructure, and independent regulatory controls; however, suspension or cancellation of one entity's registration may entail regulatory action against other registered group entities, and entities are in the same group where the same person (alone or with relatives) exercises control, they are under the same management as defined by company law, or one directly or indirectly controls the other.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Registration of affiliated underwriters permitted if independent governance and operations, but enforcement may extend to related entities.
Registration may be granted to two entities in the same group only if each is a separate legal entity with independent Boards (no majority common directors), arm's-length operations, independent key personnel and infrastructure, and independent regulatory controls; however, suspension or cancellation of one entity's registration may entail regulatory action against other registered group entities, and entities are in the same group where the same person (alone or with relatives) exercises control, they are under the same management as defined by company law, or one directly or indirectly controls the other.
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