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Board of Governors of the Federal Reserve System
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Board of Governors of the Federal Reserve System

Supervisory Policy and Guidance Topics

Asset and Wealth Management Activities

Banking organization asset and wealth management (AWM) activities include traditional trust services such as investment management, investment advisory, personal trust, corporate trust, transfer agent services, and certain employee benefit account services, as well as securities custody, securities lending, securities clearing and settlement, and functionally regulated securities broker-dealer and registered investment advisor activities. Serving as trustee and paying agent for bond issues including structured debt and asset-backed issues also is considered an AWM activity. The administration of AWM services is a significant line of business for most large, complex banking organizations as well as many smaller banking organizations, and services often are delivered in an integrated manner.
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Policy Letters

Asset and Wealth Management Activities

SR 13-19 / CA 13-21
Guidance on Managing Outsourcing Risk
SR 10-5
Interagency Guidance on Obtaining and Retaining Beneficial Ownership Information
SR 08-8 / CA 08-11
Compliance Risk Management Programs and Oversight at Large Banking Organizations with Complex Compliance Profiles
SR 07-5
Interagency Statement on Sound Practices Concerning Elevated Risk Complex Structured Finance Activities
SR 06-8
Reports of Examinations of Government Securities Activities
SR 05-9
Frequently Asked Questions Relating to Customer Identification Program Rules
SR 04-7
SEC Guidance on the Potential Liability of Financial Institutions for Securities Law Violations Arising from Deceptive Structured Finance Products and Transactions
SR 04-1
Interagency Policy on Banks/Thrifts Providing Financial Support to Funds Advised by the Banking Organization
SR 02-20
The Sarbanes-Oxley Act of 2002
SR 01-13 (SUP)
Supervisory guidance relating to a change to permissible securities activities of state member banks
SR 01-5 (SUP)
Examination of Fiduciary Activities
SR 00-18 (TRN)
Revisions to the Federal Reserve's Fiduciary Education Program for Banking Supervision Staff
SR 99-7 (SPE)
Supervisory Guidance Regarding the Investment of Fiduciary Assets in Mutual Funds and Potential Conflicts of Interest
SR 98-37 (SPE)
Uniform Interagency Trust Rating System
SR 98-5 (SPE)
Changes to the Board's Securities Credit Regulations (Regulations G and U)
SR 97-3 (SPE)
Conversion of Common Trust Funds to Mutual Funds
SR 96-10 (SPE)
Risk-Focused Fiduciary Examinations
SR 95-47 (SPE)
Transfer Agent Registration
SR 95-46 (SPE)
Interpretation of Interagency Statement on Retail Sales of Nondeposit Investment Products
SR 94-53 (FIS)
Investment Adviser Activities
SR 94-34 (FIS)
Examination Procedures for Retail Sales of Nondeposit Investment Products
SR 94-31 (FIS)
Coordination of Specialty Examinations with Full Scope Safety and Soundness Examinations of State Member Banks
SR 94-25 (FIS)
Interim Revision to the Supervisory Policy Statement on Securities Activities
SR 94-11 (FIS)
Interagency Statement on Retail Sales of Nondeposit Investment Products
SR 93-69 (FIS)
Examining Risk Management and Internal Controls for Trading Activities of Banking Organizations
SR 93-19 (FIS)
Supplemental Guidance for the Inspection of Nonbank Subsidiaries of Bank Holding Companies
SR 93-12 (FIS)
Elements of a Sound Conflict of Interest Program
SR 91-4
Guidelines for the Inspection of Investment Adviser Subsidiaries of Bank Holding Companies
SR 90-31
Bank Holding Company Funding from Sweep Accounts
SR 90-19
Sale of Uninsured Debt Obligations and Securities Issued by Bank Holding Companies, Nonbank Affiliates, or State Member Banks on Retail Banking Premises
SR 90-12
Infrastructure Reviews for Banking Organizations Seeking Expanded Securities Underwriting and Dealing Powers
SR 90-1
Examination of State Branches and Agencies of Foreign Banks for Compliance with Regulations Related to Government Securities Activities
 

Additional Resources

 

Manual References

  • Bank Holding Company Supervision Manual
    • Section 2010.0, "Supervision of Subsidiaries"
    • Section 2010.12, "Fees Involving Investments of Fiduciary Assets in Mutual Funds and Potential Conflicts of Interest"
    • Section 2080.5, "Section 2080.5 Funding (Pension Funding and Employee Stock Option Plans)"
    • Section 2140.0, "Securities Lending"
    • Section 2178.0, "Support of Bank-Affiliated Investment Funds"
    • Section 2187.0, "Violations of Federal Reserve Margin Regulations Resulting from 'Free-Riding' Schemes"
    • Section 3120.0, "Section 4(c)(8) of the BHC Act (Trust Services)"
    • Section 3130.0, "Section 4(c)(8) of the BHC Act (General Financial and Investment Advisory Activities)"
    • Section 3130.1, "Section 4(c)(8) of the BHC Act (Investment or Financial Advisers)"
    • Section 3230.0, "Section 4(c)(8) Agency Transaction Services for Customer Investments (Securities Brokerage)"
    • Section 3600.21, "Permissible Activities by Board Order (Underwriting and Dealing)"
    • Section 3900.0, "Financial Holding Companies (Section 4(k) of the BHC Act)"
    • Section 3907.0, "Merchant Banking (Section 4(k) of the BHC Act)"
  • Commercial Bank Examination Manual
    • Section 4080.1, "Employee Benefit Trusts"
    • Section 4128.1, "Private-Banking Activities"
    • Section 4160.1, "Sale of Uninsured Nondeposit Debt Obligations on Bank Premises"
    • Section 4180.1, "Investment-Funds Support"
    • Section 4200.1, "Fiduciary Activities"
  • Other Trust-Related Manuals
Last update: December 5, 2013