{ "docId": "019dd923-5e88-73ef-bd59-e554727c032d", "docSlug": "4c5f1d6f702f7476", "documentTitle": "one goldman sachs", "authorId": "GoldmanSachs", "authorName": "Goldman Sachs", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "equity_research", "sourceTypeLabel": "Equity research", "presentationDate": null, "orientation": "portrait", "aspectRatio": 0.773, "pageNumber": 110, "pageCount": 124, "prevPage": 109, "nextPage": 111, "slideType": "appendix_disclosure", "function": "summarize", "density": "overcrowded", "nDataPoints": 0, "notes": "Page 110 of a larger document.", "elementsJson": [ "headline_text", "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5e88-73ef-bd59-e554727c032d/110", "deckHref": "/decks/019dd923-5e88-73ef-bd59-e554727c032d", "deckJsonHref": "/decks/019dd923-5e88-73ef-bd59-e554727c032d.json", "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd59-e554727c032d#slide-110", "components": [ { "bbox": { "h": 0.11, "w": 0.84, "x": 0.08, "y": 0.75 }, "kind": "paragraph", "text": "Other Restrictions. FHCs generally can engage in a broader range of financial and related activities than are otherwise permissible for BHCs as long as they continue to meet the eligibility requirements for FHCs. The broader range of permissible activities for FHCs includes underwriting, dealing and making markets in securities and making investments in non-FHCs (merchant banking activities). In addition, certain FHCs, including us, are permitted to engage in certain commodities activities in the U.S. that may otherwise be impermissible for BHCs, so long", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "055ff43a-7a6e-4416-a946-4ac8c067fd5d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.84, "x": 0.08, "y": 0.7 }, "kind": "paragraph", "text": "The FRB has granted our request for additional time until July 2023 to conform our investments in, and relationships with, certain legacy “illiquid funds” (as defined in the Volcker Rule) that were in place prior to December 2013.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "17a86d68-6d71-4655-a4b8-d9aa34b40a6e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.84, "x": 0.08, "y": 0.43 }, "kind": "paragraph", "text": "Volcker Rule and Other Restrictions on Activities. As a BHC, we are subject to limitations on the types of business activities in which we may engage.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4ac34f5e-645a-4f71-8d91-8c490be3779a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.84, "x": 0.08, "y": 0.54 }, "kind": "paragraph", "text": "In addition, the Volcker Rule limits the sponsorship of, and investment in, “covered funds” (as defined in the rule) by banking entities, including us. It also limits certain types of transactions between us and our sponsored and advised funds, similar to the limitations on transactions between depository institutions and their affiliates. Covered funds include our private equity funds, certain of our credit and real estate funds, our hedge funds and certain other investment structures. The limitation on investments in covered funds requires us to limit our investment in each such fund to 3% or less of the fund’s net asset value, and to limit our aggregate investment in all such funds to 3% or less of our Tier 1 capital.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8b1d044a-d9d0-4b45-a9eb-6c7bfbb0c5d8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.84, "x": 0.08, "y": 0.27 }, "kind": "paragraph", "text": "The prompt corrective action regulations do not apply to BHCs. However, the FRB is authorized to take appropriate action at the BHC level, based upon the undercapitalized status of the BHC’s depository institution subsidiaries. In certain instances, relating to an undercapitalized depository institution subsidiary, the BHC would be required to guarantee the performance of the undercapitalized subsidiary’s capital restoration plan and might be liable for civil money damages for failure to fulfill its commitments on that guarantee. Furthermore, in the event of the bankruptcy of the BHC, the guarantee would take priority over the BHC’s general unsecured creditors, as described in “Source of Strength” above.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "983abd05-aef4-4708-8fb3-7133834b2ff1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.84, "x": 0.08, "y": 0.11 }, "kind": "paragraph", "text": "An institution may be downgraded to, or deemed to be in, a capital category that is lower than is indicated by its capital ratios if it is determined to be in an unsafe or unsound condition or if it receives an unsatisfactory examination rating with respect to certain matters. FDICIA imposes progressively more restrictive constraints on operations, management and capital distributions, as the capital category of an institution declines. Failure to meet the capital requirements could also require a depository institution to raise capital. Ultimately, critically undercapitalized institutions are subject to the appointment of a receiver or conservator, as described in “Insolvency of an IDI or a BHC” above.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d9b95fd4-0ee6-4d90-9879-b2cbdec04cb7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.84, "x": 0.08, "y": 0.47 }, "kind": "paragraph", "text": "Volcker Rule. The Volcker Rule prohibits “proprietary trading,” but permits activities such as underwriting, market making and risk-mitigation hedging, requires an extensive compliance program and includes additional reporting and record-keeping requirements.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e08531c0-5424-4a50-85c6-e64764d3ea87", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.08, "y": 0.04 }, "kind": "title", "text": "2023 Resolution Plan", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8cdf8aca-3400-47d8-806f-7ca54fae30cb", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 124, "from": 8, "beatId": "d68786b1-3dab-4ad0-b5b0-04ed44c1c6d3", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Evidence & Proof", "beatSlug": "consultants-gambit-evidence-proof", "evidence": "The document contains extensive data tables, appendix data, and methodology explanations.", "position": 1, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "loops": [ { "to": 124, "from": 6, "name": "Logic Chain", "slug": "01-logic-chain", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "matchId": "d24b5f0d-d542-4d18-a73f-65d59f4261ed", "evidence": "The document provides a detailed explanation of the plan and supporting data.", "position": 0, "objective": "To demonstrate the effectiveness of Goldman Sachs' resolution plan.", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... 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