TAILIEUCHUNG - Investment Securities Comptroller’s Handbook (Section 203)

Institutional investors are, by some margin, the most important category of investor to quoted companies owing to the sheer weight of assets that they manage and the degree to which they can invest. It is widely acknowledged that institutional investors own the vast majority of the UK equity market. In some cases, institutional investors may also own nearly all of a company’s issued share capital. Their influence extends beyond their total assets under management since, compared to individual private investors, investment decision making, including voting, is concentrated in a much smaller group of individuals. A key attraction of institutional investors to. | o Comptroller of the Currency Administrator of National Banks Investment Securities Comptroller s Handbook Section 203 Narrative and Procedures - March 1990 A Assets Investment Securities Section 203 Table of Contents Introduction 1 Limitations and Restrictions on National Banks Holdings 2 Investment Policy 8 Open Contractual Commitments to Purchase or Sell Securities 15 Unsuitable Investment Portfolio Practices 23 Securities Lending 36 Government Securities Act Requirements 37 International Division Investments 41 Examination Procedures 45 Internal Control Questionnaire 65 Verification Procedures 77 Comptroller s Handbook i Investment Securities Section 203 Investment Securities Section 203 Introduction This section discusses money market investments and securities purchased by the bank for its own account. Securities purchased primarily for resale to customers . trading account securities are discussed in a separate section of this handbook. The term money market generally refers to the markets for short- term credit instruments such as commercial paper bankers acceptances negotiable certificates of deposit repurchase agreements and federal funds. Although not carried in the investment account such instruments generally are handled by the investment officer. The highly liquid nature of such investments allows the bank to employ temporarily idle funds in interest bearing assets that usually can be converted quickly into cash. The speed of conversion however depends on the quality of the investment. Quality can be monitored through credit analysis emphasizing a review of current financial information the use of specializing rating services and frequent collateral valuation. Since money market transactions generally involve a large volume of funds deficiencies in credit or administrative policies can quickly result in serious problems. The investment policy should include limitations on authority of personnel restrictions regarding asset type and amount and .

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