Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company, 66412-66413 [2024-18309]
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khammond on DSKJM1Z7X2PROD with NOTICES
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Federal Register / Vol. 89, No. 158 / Thursday, August 15, 2024 / Notices
period prior to filing for bankruptcy
from high unexpected outflows of
deposits and increased liquidity
requirements from counterparties.
Though the immediate failure event
may be liquidity-related and associated
with a lack of market confidence in the
financial condition of the covered
company or its material legal entity
subsidiaries prior to the final
recognition of losses, the demonstration
and description of material financial
distress may also include depletion of
capital. Therefore, the Plan should also
consider the likelihood of the depletion
of capital.
8. The firm should not assume any
waivers of section 23A or 23B of the
Federal Reserve Act in connection with
the actions proposed to be taken prior
to or in resolution.
9. The Plan should support any
assumptions that the firm will have
access to the Discount Window and/or
other borrowings during the period
immediately prior to entering
bankruptcy. To the extent the firm
assumes use of the Discount Window,
Federal Home Loan Banks, and/or other
borrowings, the Plan should support
that assumption with a discussion of the
operational testing conducted to
facilitate access in a stress environment,
placement of collateral, and the amount
of funding accessible to the firm. The
firm may assume that its depository
institutions will have access to the
Discount Window only for a few days
after the point of failure to facilitate
orderly resolution. However, the firm
should not assume its subsidiary
depository institutions will have access
to the Discount Window while critically
undercapitalized, in FDIC receivership,
or operating as a bridge bank, nor
should it assume any lending from a
Federal Reserve credit facility to a nonbank affiliate.
Financial Statements and Projections.
The Plan should include the actual
balance sheet for each material entity
and the consolidating balance sheet
adjustments between material entities as
well as pro forma balance sheets for
each material entity at the point of
failure and at key junctures in the
execution of the resolution strategy. It
should also include statements of
projected sources and uses of funds for
the interim periods. The pro forma
financial statements and accompanying
notes in the Plan should clearly
evidence the failure trigger event; the
Plan’s assumptions; and any
transactions that are critical to the
execution of the Plan’s preferred
strategy, such as recapitalizations, the
creation of new legal entities, transfers
of assets, and asset sales and unwinds.
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Material Entities. Material entities
should encompass those entities,
including foreign offices and branches,
which are significant to the
maintenance of an identified critical
operation or core business line. If the
abrupt disruption or cessation of a core
business line might have systemic
consequences to U.S. financial stability,
the entities essential to the continuation
of such core business line should be
considered for material entity
designation. Material entities should
include the following types of entities:
1. Any U.S.-based or non-U.S.
affiliates, including any branches, that
are significant to the activities of an
identified critical operation.
2. Subsidiaries or foreign offices
whose provision or support of global
treasury operations, funding, or
liquidity activities (inclusive of
intercompany transactions) is
significant to the activities of an
identified critical operation.
3. Subsidiaries or foreign offices that
provide material operational support in
resolution (key personnel, information
technology, data centers, real estate or
other shared services) to the activities of
an identified critical operation.
4. Subsidiaries or foreign offices that
are engaged in derivatives booking
activity that is significant to the
activities of an identified critical
operation, including those that conduct
either the internal hedge side or the
client-facing side of a transaction.
5. Subsidiaries or foreign offices
engaged in asset custody or asset
management that are significant to the
activities of an identified critical
operation.
6. Subsidiaries or foreign offices
holding licenses or memberships in
clearinghouses, exchanges, or other
FMUs that are significant to the
activities of an identified critical
operation.
For each material entity (including a
branch), the Plan should enumerate, on
a jurisdiction-by-jurisdiction basis, the
specific mandatory and discretionary
actions or forbearances that regulatory
and resolution authorities would take
during resolution, including any
regulatory filings and notifications that
would be required as part of the
preferred strategy, and explain how the
Plan addresses the actions and
forbearances. The Plan should describe
the consequences for the covered
company’s resolution strategy if specific
actions in a non-U.S. jurisdiction were
not taken, delayed, or forgone, as
relevant.
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IX. Public Section
SPOE & MPOE
The purpose of the public section is
to inform the public’s understanding of
the firm’s resolution strategy and how it
works.
The public section should discuss the
steps that the firm is taking to improve
resolvability under the U.S. Bankruptcy
Code. The public section should
provide background information on
each material entity and should be
enhanced by including the firm’s
rationale for designating material
entities. The public section should also
discuss, at a high level, the firm’s intragroup financial and operational
interconnectedness (including the types
of guarantees or support obligations in
place that could impact the execution of
the firm’s strategy).
The discussion of strategy in the
public section should broadly explain
how the firm has addressed any
deficiencies, shortcomings, and other
key vulnerabilities that the agencies
have identified in prior plan
submissions. For each material entity, it
should be clear how the strategy
provides for continuity, transfer, or
orderly wind-down of the entity and its
operations. There should also be a
description of the resulting organization
upon completion of the resolution
process.
The public section may note that the
Plan is not binding on a bankruptcy
court or other resolution authority and
that the proposed failure scenario and
associated assumptions are hypothetical
and do not necessarily reflect an event
or events to which the firm is or may
become subject.
By order of the Board of Governors of the
Federal Reserve System.
Ann E. Misback,
Secretary of the Board.
Federal Deposit Insurance Corporation.
By order of the Board of Directors.
Dated at Washington, DC, on August 9,
2024.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2024–18191 Filed 8–14–24; 8:45 am]
BILLING CODE 6210–01–P; 6714–01–P
FEDERAL RESERVE SYSTEM
Change in Bank Control Notices;
Acquisitions of Shares of a Bank or
Bank Holding Company
The notificants listed below have
applied under the Change in Bank
Control Act (Act) (12 U.S.C. 1817(j)) and
§ 225.41 of the Board’s Regulation Y (12
CFR 225.41) to acquire shares of a bank
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Federal Register / Vol. 89, No. 158 / Thursday, August 15, 2024 / Notices
khammond on DSKJM1Z7X2PROD with NOTICES
or bank holding company. The factors
that are considered in acting on the
applications are set forth in paragraph 7
of the Act (12 U.S.C. 1817(j)(7)).
The public portions of the
applications listed below, as well as
other related filings required by the
Board, if any, are available for
immediate inspection at the Federal
Reserve Bank(s) indicated below and at
the offices of the Board of Governors.
This information may also be obtained
on an expedited basis, upon request, by
contacting the appropriate Federal
Reserve Bank and from the Board’s
Freedom of Information Office at
https://www.federalreserve.gov/foia/
request.htm. Interested persons may
express their views in writing on the
standards enumerated in paragraph 7 of
the Act.
Comments received are subject to
public disclosure. In general, comments
received will be made available without
change and will not be modified to
remove personal or business
information including confidential,
contact, or other identifying
information. Comments should not
include any information such as
confidential information that would not
be appropriate for public disclosure.
Comments regarding each of these
applications must be received at the
Reserve Bank indicated or the offices of
the Board of Governors, Ann E.
Misback, Secretary of the Board, 20th
Street and Constitution Avenue NW,
Washington DC 20551–0001, not later
than August 30, 2024.
A. Federal Reserve Bank of New York
(Ivan Hurwitz, Head of Bank
Applications) 33 Liberty Street, New
York, NY 10045–0001. Comments can
also be sent electronically to
comments.applications@ny.frb.org:
1. The D’Angelo Family Trust, with
George D’Angelo and Dahlia D’Angelo,
as trustees, all of Old Greenwich,
Connecticut; to acquire voting shares of
First Greenwich Financial, Inc., and
thereby indirectly acquire voting shares
of First Bank of Greenwich, both of Cos
Cob, Connecticut.
Board of Governors of the Federal Reserve
System.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2024–18309 Filed 8–14–24; 8:45 am]
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DEPARTMENT OF HEALTH AND
HUMAN SERVICES
Food and Drug Administration
[Docket No. FDA–2024–N–3028]
Cubist Pharmaceuticals LLC;
Withdrawal of Approval of a New Drug
Application for ENTEREG (Alvimopan)
Capsules, 12 Milligrams
AGENCY:
Food and Drug Administration,
HHS.
ACTION:
Notice.
Cubist has
informed FDA that ENTEREG
(alvimopan) Capsules, 12 mg is no
longer marketed and has requested that
FDA withdraw approval of NDA 021775
under the process in § 314.150(c) (21
CFR 314.150(c)). Cubist has also, by its
request, waived its opportunity for a
hearing. Withdrawal of approval of an
application or abbreviated application
under § 314.150(c) is without prejudice
to refiling.
Therefore, approval of NDA 021775,
and all amendments and supplements
thereto, is hereby withdrawn as of
September 16, 2024. Approval of the
entire application is withdrawn,
including any strengths and dosage
forms included in the application but
inadvertently missing from this notice.
Introduction or delivery for introduction
into interstate commerce of ENTEREG
(alvimopan) Capsules, 12 mg without an
approved NDA violates sections 505(a)
and 301(d) of the Federal Food, Drug,
and Cosmetic Act (21 U.S.C. 355(a) and
331(d)). Any ENTEREG (alvimopan)
Capsules, 12 mg, that is in inventory on
September 16, 2024 may continue to be
dispensed until the inventories have
been depleted or the drug products have
SUPPLEMENTARY INFORMATION:
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reached their expiration dates or
otherwise become violative, whichever
occurs first.
Dated: August 12, 2024.
Lauren K. Roth,
Associate Commissioner for Policy.
[FR Doc. 2024–18269 Filed 8–14–24; 8:45 am]
BILLING CODE 4164–01–P
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
Food and Drug Administration
The Food and Drug
Administration (FDA or Agency) is
withdrawing approval of a new drug
application (NDA) for ENTEREG
(alvimopan) Capsules, 12 milligrams
(mg), held by Cubist Pharmaceuticals
LLC, 126 East Lincoln Ave., Rahway, NJ
07065 (Cubist). Cubist notified the
Agency in writing that the drug product
was no longer marketed and requested
that the approval of the application be
withdrawn.
DATES: Approval is withdrawn as of
September 16, 2024.
FOR FURTHER INFORMATION CONTACT:
Kimberly Lehrfeld, Center for Drug
Evaluation and Research, Food and
Drug Administration, 10903 New
Hampshire Ave., Bldg. 51, Rm. 6226,
Silver Spring, MD 20993–0002, 301–
796–3137, Kimberly.Lehrfeld@
fda.hhs.gov.
SUMMARY:
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[Docket No. FDA–2024–N–1090]
Ryan Stabile: Final Debarment Order
AGENCY:
Food and Drug Administration,
HHS.
ACTION:
Notice.
The Food and Drug
Administration (FDA) is issuing an
order under the Federal Food, Drug, and
Cosmetic Act (the FD&C Act) debarring
Ryan Stabile for a period of 15 years
from importing or offering for import
any drug into the United States. FDA
bases this order on a finding that Mr.
Stabile was convicted of three felony
counts under Federal law: one count of
conspiracy and two counts of
introduction of misbranded drugs with
intent to defraud/mislead. The factual
basis supporting Mr. Stabile’s
conviction, as described below, is
conduct relating to the importation into
the United States of a drug or controlled
substance. Mr. Stabile was given notice
of the proposed debarment and was
given an opportunity to request a
hearing to show why he should not be
debarred. As of June 7, 2024 (30 days
after receipt of the notice), Mr. Stabile
had not responded. Mr. Stabile’s failure
to respond and request a hearing
constitutes a waiver of his right to a
hearing concerning this matter.
DATES: This order is applicable August
15, 2024.
ADDRESSES: Any application by Mr.
Stabile for termination of debarment
under section 306(d)(1) of the FD&C Act
(21 U.S.C. 335a(d)(1)) may be submitted
at any time as follows:
SUMMARY:
Electronic Submissions
• Federal eRulemaking Portal:
https://www.regulations.gov. Follow the
instructions for submitting comments.
An application submitted electronically,
including attachments, to https://
www.regulations.gov will be posted to
the docket unchanged. Because your
application will be made public, you are
solely responsible for ensuring that your
application does not include any
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]]>Agencies
[Federal Register Volume 89, Number 158 (Thursday, August 15, 2024)]
[Notices]
[Pages 66412-66413]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-18309]
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FEDERAL RESERVE SYSTEM
Change in Bank Control Notices; Acquisitions of Shares of a Bank
or Bank Holding Company
The notificants listed below have applied under the Change in Bank
Control Act (Act) (12 U.S.C. 1817(j)) and Sec. 225.41 of the Board's
Regulation Y (12 CFR 225.41) to acquire shares of a bank
[[Page 66413]]
or bank holding company. The factors that are considered in acting on
the applications are set forth in paragraph 7 of the Act (12 U.S.C.
1817(j)(7)).
The public portions of the applications listed below, as well as
other related filings required by the Board, if any, are available for
immediate inspection at the Federal Reserve Bank(s) indicated below and
at the offices of the Board of Governors. This information may also be
obtained on an expedited basis, upon request, by contacting the
appropriate Federal Reserve Bank and from the Board's Freedom of
Information Office at https://www.federalreserve.gov/foia/request.htm.
Interested persons may express their views in writing on the standards
enumerated in paragraph 7 of the Act.
Comments received are subject to public disclosure. In general,
comments received will be made available without change and will not be
modified to remove personal or business information including
confidential, contact, or other identifying information. Comments
should not include any information such as confidential information
that would not be appropriate for public disclosure.
Comments regarding each of these applications must be received at
the Reserve Bank indicated or the offices of the Board of Governors,
Ann E. Misback, Secretary of the Board, 20th Street and Constitution
Avenue NW, Washington DC 20551-0001, not later than August 30, 2024.
A. Federal Reserve Bank of New York (Ivan Hurwitz, Head of Bank
Applications) 33 Liberty Street, New York, NY 10045-0001. Comments can
also be sent electronically to [email protected]:
1. The D'Angelo Family Trust, with George D'Angelo and Dahlia
D'Angelo, as trustees, all of Old Greenwich, Connecticut; to acquire
voting shares of First Greenwich Financial, Inc., and thereby
indirectly acquire voting shares of First Bank of Greenwich, both of
Cos Cob, Connecticut.
Board of Governors of the Federal Reserve System.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2024-18309 Filed 8-14-24; 8:45 am]
BILLING CODE P
