Certain Regulatory Reporting Requirements for a Foreign Banking Organization in the United States

Bruce Ortwine, General Counsel, Americas; Adviser, Global Legal and Compliance (Retired), Sumitomo Mitsui Trust Bank, Limited and Sumitomo Mitsui Trust Holdings, Inc., USA

My former employer of thirty-three years is a Japanese financial institution (the ’Bank”) and is subject to comprehensive regulation in the United States at both the Federal and State levels. It is a foreign banking organization (’FBO”), a bank holding company (’BHC”) and a branch of a FBO operating in New York. It is a FBO because it is organized under the laws of Japan. It is a BHC because it owns a domestic, New Jersey state-chartered bank. As both a FBO and BHC it is subject to regulation by the Federal Reserve Board (the ’FRB”), which delegates its supervision to the Federal Reserve Bank of New York (the ’FRBNY”). Its New York Branch is licensed by the New York State Department of Financial Services (the ’NYSDFS”) as a branch of a FBO. Its New Jersey subsidiary is regulated by the New Jersey Department of Banking and Insurance (’NJDBI”) and, because its deposits are Federally insured, by the Federal Deposit Insurance Corporation (’FDIC”).

Bruce Ortwine General Counsel, Americas, Advisor, Global Legal and Compliance for Sumitomo Mitsui Trust Bank, Limited and Sumitomo Mitsui Trust Holdings, Inc. (Retired)

SMTB is the largest trust bank in Asia and a major international bank with offices throughout Asia, Europe and the U.S. Its parent holding company, Sumitomo Mitsui Trust Holdings, Inc. is a financial conglomerate with a variety of financial institution subsidiaries, including in the banking, asset management, real estate brokerage and leasing sectors.