Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 126

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 126
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 2 greenhouse gas (GHG) emissions and climate-related financial metrics. These rules are the result of years of significant debate and the topic of sharp political divide. Federal litigation is already underway challenging the rules, and it is unclear how the new U.S. administration will affect the future of these rules. On June 28, 2024, the U.S. Supreme Court overruled longstanding judicial precedent regarding agency deference with its decision in Loper Bright Enterprises v. Raimondo, 603 U.S. 369 (2024). Under Chevron U.S.A. Inc. v. Natural Resources Defense Council, Inc., 467 U.S. 837 (1984), where U.S. laws, including banking laws, were ambiguous on an issue, an agency’s reasonable interpretation of it received mandatory judicial deference. The Supreme Court overruled this keystone of administrative law and stated that courts no longer need to defer to the interpretations of laws by agencies, including Deutsche Bank’s U.S. regulators. This decision has already and will continue to lead to significant scrutiny of regulatory actions as well as increased challenges of agency overreach. Deutsche Bank is reviewing the potential implications of this legal shift on its U.S. regulatory landscape. Regulatory Authorities Deutsche Bank AG as well as its wholly owned subsidiary DB USA Corporation are bank holding companies under the U.S. Bank Holding Company Act of 1956, as amended (the “Bank Holding Company Act“), by virtue of, among other things, their ownership of DBTCA. Deutsche Bank AG and DB USA Corporation have elected to be financial holding companies pursuant to the provisions of the Gramm-Leach-Bliley Act (the “GLB Act”) and, accordingly, may affiliate with securities firms and engage in other activities that are financial in nature or incidental or complementary to activities that are financial in nature. As a bank holding company and financial holding company, Deutsche Bank’s U.S. operations are subject to regulation, supervision and examination by the Federal Reserve Board as Deutsche Bank’s U.S. “umbrella supervisor”. DBTCA is a New York state-chartered bank whose deposits are insured by the FDIC to the extent permitted by law. DBTCA is subject to regulation, supervision and examination by the Federal Reserve Board and the New York State Department of Financial Services and to applicable FDIC rules. In addition, DBTCA is also subject to regulation by the Consumer Financial Protection Bureau in relation to retail products and services offered to its customers. Deutsche Bank Trust Company Delaware is a Delaware