(a) The prohibition contained in section
248.10(a)(1) does not apply to the ownership by a banking entity of
an interest in, or sponsorship of, any issuer if:
(1) The issuer was established, and the
interest was issued, before May 19, 2010;
(2) The banking entity reasonably believes
that the offering proceeds received by the issuer were invested primarily
in Qualifying TruPS Collateral; and
(3) The banking entity acquired such interest on or before December
10, 2013 (or acquired such interest in connection with a merger with
or acquisition of a banking entity that acquired the interest on or
before December 10, 2013).
<>(b) For purposes
of this section 248.16, Qualifying TruPS Collateral shall mean
any trust preferred security or subordinated debt instrument issued
prior to May 19, 2010 by a depository institution holding company
that, as of the end of any reporting period within 12 months immediately
preceding the issuance of such trust preferred security or subordinated
debt instrument, had total consolidated assets of less than $15,000,000,000
or issued prior to May 19, 2010 by a mutual holding company.
(c) Notwithstanding paragraph (a)(3) of this section, a banking entity
may act as a market maker with respect to the interests of an issuer
described in paragraph (a) of this section in accordance with the
applicable provisions of sections 248.4 and 248.11.
(d) Without
limiting the applicability of paragraph (a) of this section, the Board,
the FDIC and the OCC will make public a non-exclusive list of issuers
that meet the requirements of paragraph (a). A banking entity may
rely on the list published by the Board, the FDIC and the OCC.
