Legal Interpretations
Federal Reserve Act - 2012 Letters
November 5, 2012 (PDF)
Letter to Andrew S. Baer, Esq., Morgan Stanley Bank, N.A., determining, for purposes of the quantitative limits in sections 23A and 23B of the Federal Reserve Act (12 U.S.C. 371c) and the Board's Regulation W (12 CFR Part 223), the value of transactions that involve the novation from Morgan Stanley Bank, N.A. affiliates to the bank of foreign exchange (FX) derivatives between the affiliates and unaffiliated third-party clients.
Last Update:
March 06, 2017