4-1010
DODD-FRANK WALL
STREET REFORM AND CONSUMER PROTECTION ACT
SECTION 102—Definitions
(a) In general. For purposes of this subchapter,
unless the context otherwise requires, the following definitions shall
apply:
(1) Bank holding company. The term “bank holding
company” has the same meaning as in section 2 of the Bank Holding
Company Act of 1956 (12 U.S.C. 1841). A foreign bank or company that
is treated as a bank holding company for purposes of the Bank Holding
Company Act of 1956 [12 U.S.C. 1841 et seq.], pursuant to section
3106 (a) of this title, shall be treated as a bank holding company
for purposes of this subchapter.
(2) Chairperson. The term “Chairperson” means the Chairperson of the Council.
(3) Member agency. The term “member agency”
means an agency represented by a voting member of the Council.
(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. The term “nonbank
financial company” means a U.S. nonbank financial company and a foreign
nonbank financial company.
(D) Nonbank
financial company supervised by the Board of Governors. The term
“nonbank financial company supervised by the Board of Governors” means
a nonbank financial company that the Council has determined under
section 5323 of this title shall be supervised by the Board of Governors.
(5) Office of Financial Research. The term
“Office of Financial Research” means the office established under
section 5342 of this title.
(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 [12 U.S.C. 1843(k)]) and, if applicable, from
the ownership or control of one or more insured depository institutions,
represents 85 percent or more of the consolidated annual gross revenues
of the company; or
(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. The terms “significant nonbank financial company”
and “significant bank holding company” have the meanings given those
terms by rule of the Board of Governors, but in no instance shall
the term “significant nonbank financial company” include those entities
that are excluded under paragraph (4)(B).
(b) Definitional criteria. The Board
of Governors shall establish, by regulation, the requirements for
determining if a company is predominantly engaged in financial activities,
as defined in subsection (a)(6).
(c) Foreign nonbank financial companies. For
purposes of the application of parts A and C (other than section 5323
(b) of this title) with respect to a foreign nonbank financial company,
references in this subchapter to “company” or “subsidiary” include
only the United States activities and subsidiaries of such foreign
company, except as otherwise provided.
[12 USC 5311.]
