(including real estate funds), and separately managed accounts for institutional and individual investors. Other client assets include client assets invested with third-party managers, bank deposits and advisory relationships where the company earns a fee for advisory and other services. Incentive Fees In certain circumstances, the company is also entitled to receive incentive fees based on a percentage of a fund’s or a separately managed account’s return, or when the return exceeds a specified benchmark or other performance targets. Such fees include overrides, which consist of the increased share of the income and gains derived primarily from the company’s private equity funds when the return on a fund’s investments through the life of the fund exceeds certain threshold returns. Transaction Revenues The company receives commissions and net spreads for facilitating transactional activity in high-net-worth client accounts. In addition, it earns net interest income primarily associated with client deposits and margin lending activity undertaken by such clients. Significant Events In April 2014, News of the acquisition came as HRT confirmed talks have ended with Norway's BW Offshore to farm out a 30% share of its offshore Polvo oilfield. The firms had signed a memorandum of understanding in December last year as HRT sought to bolster cash flow. In July 2014, Goldman Sachs has announced that it has launched a new lending unit in Europe. The firm said that the new unit would offer loans to its private wealth management clients. Regulation Under the system of ‘functional regulation’ established under the Bank Holding Company Act of 1956, the Federal Reserve Board serves as the primary regulator of the company’s consolidated organization, and defers to the primary regulators of its U.S. non-bank subsidiaries with respect to the activities of those subsidiaries. Such ‘functionally regulated’ non-bank subsidiaries include broker-dealers registered with the SEC, such as its principal U.S. broker-dealer, Goldman, Sachs & Co. (GS&Co.), entities registered with or regulated by the U.S. Commodity Futures Trading Commission with respect to futures-related and swaps-related activities and investment advisers registered with the SEC with respect to their investment advisory activities. The company’s subsidiary, GS Bank USA, is supervised and regulated by the Federal Reserve Board, the FDIC, the New York State Department of Financial Services and the Consumer Financial Protection Bureau (CFPB). GS Bank USA, an FDIC-insured, New York State-chartered bank and a member of the Federal Reserve System, is supervised and regulated by the Federal Reserve Board, the FDIC, the New York State Department of Financial Services and the CFPB, and is subject to minimum capital requirements (described below) that are calculated in a manner similar to those applicable to bank holding companies. Transactions between GS Bank USA or its subsidiaries, on the one hand, and Group Inc. or its other subsidiaries and affiliates, on the other hand, are regulated by the Federal Reserve Board under the Federal Reserve Act. GS Bank USA accepts deposits, and those deposits have the benefit of FDIC insurance up to the applicable limits. Goldman Sachs Japan Co., Ltd. (GSJCL), the company’s regulated Japanese broker-dealer, is subject to the capital requirements imposed by Japan’s Financial Services Agency. GSJCL is also regulated by the Tokyo Stock Exchange; the Osaka Securities Exchange; the Tokyo Financial Exchange; the Japan Securities Dealers Association; the Tokyo Commodity Exchange; Securities and Exchange Surveillance Commission; Bank of Japan; the Ministry of Finance; the Ministry of Economy, Trade and Industry; and others. History The Goldman Sachs Group, Inc. was founded in 1869.
gs connect s&p gsci enh comm
200 West Street
New York, NY 10282
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