(a) Requests regarding
activities that may be financial in nature or incidental to a financial
activity. A financial holding company or other interested party
may request a determination from the Board that an activity not listed
in section 225.86 is financial in nature or incidental to a financial
activity.
(b) Required information. A request submitted under this section must be in writing and must—
(1) identify and define the
activity for which the determination is sought, specifically describing
what the activity would involve and how the activity would be conducted;
(2) explain in detail why the activity
should be considered financial in nature or incidental to a financial
activity; and
(3) provide information
supporting the requested determination and any other information required
by the Board concerning the proposed activity.
4-056.71
(c) Board procedures for reviewing requests.
(1) Consultation with the secretary of the Treasury. Upon receipt of the request, the Board will provide the secretary
of the Treasury a copy of the request and consult with the secretary
in accordance with section 4(k)(2)(A) of the BHC Act (12 U.S.C. 1843(k)(2)(A)).
(2) Public
notice. The Board may, as appropriate and after consultation
with the secretary, publish a description of the proposal in the Federal Register with a request for public comment.
(d) Board action. The Board will
endeavor to make a decision on any request filed under paragraph (a)
of this section within 60 calendar days following the completion of
both the consultative process described in paragraph (c)(1) of this
section and the public comment period, if any.
4-056.72
(e) Advisory opinions regarding scope of financial
activities.
(1) Written request. A financial holding company
or other interested party may request an advisory opinion from the
Board about whether a specific proposed activity falls within the
scope of an activity listed in section 225.86 as financial in nature
or incidental to a financial activity. The request must be submitted
in writing and must contain—
(i) a detailed description of the particular
activity in which the company proposes to engage or the product or
service the company proposes to provide;
(ii) an explanation supporting an interpretation
regarding the scope of the permissible financial activity; and
(iii) any additional information
requested by the Board regarding the activity.
(2) Board response. The Board will provide an advisory opinion within
45 calendar days of receiving a complete written request under paragraph
(e)(1) of this section.
