(a) Scope.
(1) Applicability. Except as provided in paragraphs (a)(3) and (b) of this section,
this subpart applies to any covered company, which includes:
(i) Any global
systemically important BHC;
(ii) Any Category II bank holding company;
(iii) Any Category
III bank holding company;
(iv) Any Category II U.S. intermediate
holding company subject to this section pursuant to section 252.153;
(v) Any Category III
U.S. intermediate holding company subject to this section pursuant
to section 252.153; and
(vi) Any nonbank financial company supervised by the Board that is
made subject to this section pursuant to a rule or order of the Board.
(2) Ongoing applicability.
(i) A bank
holding company (including any successor company) that is subject
to any requirement in this subpart shall remain subject to any such
requirement unless and until the bank holding company:
(A) Is not a
global systemically important BHC;
(B) Is not a Category II bank holding company;
and
(C) Is not a Category
III bank holding company.
(ii) A U.S. intermediate holding company
(including any successor company) that is subject to any requirement
in this subpart shall remain subject to any such requirement unless
and until the U.S. intermediate holding company:
(A) Is not a Category
II U.S. intermediate holding company; and
(B) Is not a Category III U.S. intermediate
holding company.
(3) Insurance
bank holding companies. Notwithstanding any other provision of
this paragraph (a), this subpart does not apply to a covered company
that is a bank holding company that is subject to part 217, subpart
J, of this chapter.
(b) Transitional arrangements.
(1) A company that becomes a covered company
on or before September 30 of a calendar year must comply with the
requirements of this subpart beginning on January 1 of the second
calendar year after the company becomes a covered company, unless
that time is extended by the Board in writing.
(2) A company that becomes a covered company
after September 30 of a calendar year must comply with the requirements
of this subpart beginning on January 1 of the third calendar year
after the company becomes a covered company, unless that time is extended
by the Board in writing.
