12 USC 5311 - Definitions

U.S Code last checked for updates: Nov 22, 2024

§ 5311.

Definitions

(a)

In general

For purposes of this subchapter, unless the context otherwise requires, the following definitions shall apply:

(1)

Bank holding company

(2)

Chairperson

(3)

Member agency

(4)

Nonbank financial company definitions

(A)

Foreign nonbank financial company

The term “foreign nonbank financial company” means a company (other than a company that is, or is treated in the United States as, a bank holding company) that is—

(i)

incorporated or organized in a country other than the United States; and

(ii)

predominantly engaged in, including through a branch in the United States, financial activities, as defined in paragraph (6).

(B)

U.S. nonbank financial company

The term “U.S. nonbank financial company” means a company (other than a bank holding company, a Farm Credit System institution chartered and subject to the provisions of the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.), or a national securities exchange (or parent thereof), clearing agency (or parent thereof, unless the parent is a bank holding company), security-based swap execution facility, or security-based swap data repository registered with the Commission, or a board of trade designated as a contract market (or parent thereof), or a derivatives clearing organization (or parent thereof, unless the parent is a bank holding company), swap execution facility or a swap data repository registered with the Commodity Futures Trading Commission), that is—

(i)

incorporated or organized under the laws of the United States or any State; and

(ii)

predominantly engaged in financial activities, as defined in paragraph (6).

(C)

Nonbank financial company

(D)

Nonbank financial company supervised by the Board of Governors

(5)

Office of Financial Research

(6)

Predominantly engaged

A company is “predominantly engaged in financial activities” if—

(A)

the annual gross revenues derived by the company and all of its subsidiaries from activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956 [

(B)

the consolidated assets of the company and all of its subsidiaries related to activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956) and, if applicable, related to the ownership or control of one or more insured depository institutions, represents 85 percent or more of the consolidated assets of the company.

(7)

Significant institutions

(b)

Definitional criteria

(c)

Foreign nonbank financial companies

(Pub. L. 111–203, title I, § 102, July 21, 2010, 124 Stat. 1391.)

cite as: 12 USC 5311