Federal Reserve and OCC Joint Findings for Morgan Stanley Exemption Request
Summary
The Federal Reserve Board, in conjunction with the OCC, has made joint findings required for the OCC to approve Morgan Stanley Bank, N.A.'s request for an exemption under section 23A of the Federal Reserve Act. This exemption is necessary for an internal corporate reorganization involving an affiliate.
What changed
The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) have jointly determined that the conditions are met for the OCC to approve Morgan Stanley Bank, N.A.'s request for an exemption under section 23A of the Federal Reserve Act. This action is a prerequisite for Morgan Stanley Bank to proceed with an internal corporate reorganization that involves its affiliate, Morgan Stanley Europe SE.
Morgan Stanley Bank, N.A. must ensure that its proposed corporate reorganization complies with the terms and conditions of the exemption granted by the OCC. Compliance officers should review the specific requirements of section 23A and any conditions attached to this exemption to ensure ongoing adherence, particularly concerning transactions with affiliates. The effective date of the OCC's approval, which follows these joint findings, will dictate the timeline for the reorganization's implementation.
What to do next
- Review the OCC's approval order for Morgan Stanley Bank, N.A.'s exemption request.
- Ensure the internal corporate reorganization complies with section 23A of the Federal Reserve Act and any conditions of the exemption.
- Consult legal counsel regarding specific transaction limitations with affiliates post-reorganization.
Archived snapshot
Mar 27, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Press Release
March 26, 2026
Federal Reserve Board announces it has made the joint findings with the Office of the Comptroller of the Currency required for the OCC to approve a request by Morgan Stanley Bank, N.A., for an exemption under section 23A of the Federal Reserve Act
For release at 5:00 p.m. EDT
- Share
- The Federal Reserve Board on Thursday announced it has made the joint findings with the Office of the Comptroller of the Currency (OCC) required for the OCC to approve a request by Morgan Stanley Bank, N.A., of Salt Lake City, Utah, for an exemption under section 23A of the Federal Reserve Act. Section 23A establishes limits and imposes requirements on a bank's transactions with its affiliates. The bank submitted the request in order to engage in an internal corporate reorganization involving its affiliate, Morgan Stanley Europe SE, Frankfurt am Main, Germany.
For media inquiries, please email [email protected] or call 202-452-2955.
- Order (PDF)
- Statement by Vice Chair Philip N. Jefferson
- Statement by Vice Chair for Supervision Michelle W. Bowman
- Statement by Governor Michael S. Barr
- Statement by Governor Lisa D. Cook
Related Content
- Board Votes Last Update: March 26, 2026
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