OCC Updates Asset Management Handbook

The Office of the Comptroller of the Currency ("OCC") updated its handbook on the asset management industry. The latest booklet provides "an overview of the asset management business, its risks, and sound risk management processes," and guidance on how the OCC's supervisory approach and processes are applied to the asset management activities of national banks.

The OCC intends this handbook to serve as the primary guide to be used by examiners during their assessment of asset management products and services. In addition, the OCC stated that national banks can utilize these booklets as a resource to assist them in effectively managing their own asset management offerings and they can be adapted for application to community banks.

The topics covered in the handbook include products and services, regulatory framework, risks for client agreements, risk management, OCC supervisory processes, examination procedures and include various reference materials.