Which of the following types of firms are classified as dual-regulated firms?

Dual-regulated firms are organizations that fall under the supervision of more than one regulatory authority, typically due to the nature of their business activities. These firms are often involved in both depositor protection and systemic risk management, indicating their significance in the financial system.

Deposit-takers, such as banks, are generally regulated by a banking authority and may also be subject to financial conduct regulation to ensure fairness, transparency, and consumer protection. Systemically important investment firms, which are crucial to the overall financial stability of the economy, are also regulated to monitor their risk exposure and operational conduct. Both types encounter the dual-regulation context because they engage in activities that can affect the stability of the financial system as a whole, thus necessitating oversight from multiple regulatory frameworks.

Other types of firms, such as small credit unions or finance companies, usually do not engage in the same breadth of activities or do not pose the same level of systemic risk and therefore are typically not classified as dual-regulated. They usually fall under a single regulatory body that governs their specific functions. This differentiation helps ensure tailored supervision appropriate to the scale and risk of the operations involved.