SAN FRANCISCO (MarketWatch) -- Prudential Financial Inc. (PRU) said late Friday it will not seek to rescind a designation by the Financial Stability Oversight Council that it's a systemically important nonbank financial institution. , Prudential disclosed the designation and had originally appealed the initial ruling with 30 days to file a court action to get the designation rescinded. The designation holds Prudential to stricter capital requirements than would otherwise be required. Prudential said it will continue to work with regulators to develop standards that account for the differences between insurnace companies and banks.
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com
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10-18-13 1725ETCopyright (c) 2013 Dow Jones & Company, Inc.
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