Prudential says will not appeal U.S. council's systemic risk tag
WASHINGTON Oct 18 (Reuters) - Prudential Financial said it will not seek court review of a decision made earlier this year by the U.S. risk council to designate the insurance giant as "systemically important," a tag that will subject Prudential to capital requirements and stricter federal oversight.
"The company will continue to work with the Board of Governors of the Federal Reserve System and other regulators to develop regulatory standards that take into account the differences between insurance companies and banks, particularly in the use of capital," the company said late Friday.
Earlier this year, Prudential had tried to persuade the Financial Stability Oversight Council not to label the firm as systemic, but the council voted to designate Prudential anyway.
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