SEC Form 20-F - Deutsche Bank Annual Report 2012

Deutsche Bank
Annual Report 2010 on Form 20-F
Item 4: Information on the Company 45
rules regarding the registration of swap dealers and major swap participants, and related capital, margin and
business conduct standards for swap dealers and major swap participants. Dodd-Frank also requires broader
regulation of hedge funds and private equity funds, as well as credit agencies, and imposes new requirements
with respect to asset securitization activities.
Dodd-Frank also establishes a new regime for the orderly liquidation of systemically significant financial companies
and authorizes assessments on financial institutions with U.S.$ 50 billion or more in consolidated assets to repay
outstanding debts owed to the Treasury in connection with a liquidation of a systemically significant financial company
under the new insolvency regime. In addition, Dodd-Frank requires issuers with listed securities, which may
include foreign private issuers like Deutsche Bank, to establish a “clawback” policy to recoup previously awarded
compensation in the event of an accounting restatement. Dodd-Frank also grants the SEC discretionary rule-making
authority to impose a new fiduciary standard on brokers, dealers and investment advisers, and expands the extraterritorial
jurisdiction of U.S. courts over actions brought by the SEC or the United States with respect to violations
of the antifraud provisions in the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment
Advisers Act of 1940.
Implementation of Dodd-Frank and related final regulations could result in additional costs or limit or restrict the
way we conduct our business, although uncertainty remains about the details, impact and timing of these reforms.
Regulatory Authorities
Deutsche Bank AG and Taunus Corporation, its wholly owned subsidiary, are bank holding companies under the
U.S. Bank Holding Company Act of 1956, as amended (the Bank Holding Company Act), by virtue of, among
other things, our ownership of DBTCA. As a result, we and our U.S. operations are subject to regulation, supervision
and examination by the Federal Reserve Board as our U.S. “umbrella supervisor”.
DBTCA is a New York state-chartered bank whose deposits are insured by the FDIC to the extent permitted by law.
DBTCA is subject to regulation, supervision and examination by the Federal Reserve Board and the New York
State Banking Department and to relevant FDIC regulation. Deutsche Bank Trust Company Delaware is a Delaware
state-chartered bank which is subject to regulation, supervision and examination by the FDIC and the Office of the
State Bank Commissioner of Delaware. Our New York branch is supervised by the Federal Reserve Board and
the New York State Banking Department. Our federally chartered nondeposit trust companies are subject to regulation,
supervision and examination by the Office of the Comptroller of the Currency. Certain of our subsidiaries
are also subject to regulation, supervision and examination by state banking regulators of certain states in which we
conduct banking operations, including New Jersey and New Hampshire.
Restrictions on Activities
As described below, federal and state banking laws and regulations restrict our ability to engage, directly or
indirectly through subsidiaries, in activities in the United States. We are required to obtain the prior approval
of the Federal Reserve Board before directly or indirectly acquiring the ownership or control of more than 5 %
of any class of voting shares of U.S. banks, certain other depository institutions, and bank or depository institution
holding companies. Under applicable U.S. federal banking law, our U.S. banking operations are also restricted
from engaging in certain “tying” arrangements involving products and services.
Our two U.S. FDIC-insured bank subsidiaries are subject to requirements and restrictions under federal and state
law, including requirements to maintain reserves against deposits, restrictions on the types and amounts of loans
that may be made and the interest that may be charged thereon, and limitations on the types of investments that
may be made and the types of services that may be offered.