US Sifi process ‘stacked against insurers’ as Prudential Financial ends appeal
Decision 'unsurprising' say lawyers
Prudential Financial has declined to appeal its status as a non-bank systemically important financial institution (Sifi), ending months of legal wrangling with the Financial Stability Oversight Council (FSOC).
The US insurer will join AIG in becoming subject to enhanced supervision by the Federal Reserve Board and is likely to face increased reporting requirements and higher capital charges.
Prudential Financial lost an initial private hearing challenging the FSOC's proposed Sifi determination
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