For purposes of this part, the following
definitions shall apply:
Applicable accounting standards. The term “applicable accounting standards” with respect to a company
means:
(1) U.S. generally
accepted accounting principles (GAAP), if the company uses GAAP in
the ordinary course of its business in preparing its consolidated
financial statements;
(2) International
Financial Reporting Standards (IFRS), if the company uses IFRS in
the ordinary course of its business in preparing its consolidated
financial statements, or
(3) Such
other accounting standards that the Council, with respect to the definition
of a nonbank financial company for purposes of Title I of the Dodd-Frank
Act (other than with respect to the definition of a significant nonbank
financial company), or the Board, with respect to the definition of
a significant nonbank financial company, determines are appropriate
on a case-by-case basis.
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—
(1) Incorporated or organized in a country
other than the United States; and
(2) Predominantly engaged in (including through a branch in the United
States) financial activities as defined in section 242.3 of this part.
Nonbank financial company. The term “nonbank financial
company” means a U.S. nonbank financial company and a foreign nonbank
financial company.
Nonbank financial company supervised
by the Board. The term “nonbank financial company supervised by
the Board” means a nonbank financial company or other company that
the Council has determined under section 113 of the Dodd-Frank Act
(12 U.S.C. 5323) should be supervised by the Board and for which such
determination is still in effect.
State. The term “State”
includes any State, commonwealth, territory, or possession of the
United States, the District of Columbia, the Commonwealth of Puerto
Rico, the Commonwealth of the Northern Mariana Islands, American Samoa,
Guam, and the United States Virgin Islands.
U.S. nonbank
financial company. The term “U.S. nonbank financial company” means
a company that—
(1) Is
incorporated or organized under the laws of the United States or any
State;
(2) Is predominantly engaged
in financial activities as defined in section 242.3 of this part;
and
(3) Is not—
(i) A bank holding
company;
(ii) 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.);
(iii) 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 that, in each case, is registered
with the Securities and Exchange Commission as such; or
(iv) A board of trade designated as
a contract market (or parent thereof), a derivatives clearing organization
(or parent thereof, unless the parent is a bank holding company),
a swap execution facility, or a swap data repository that, in each
case, is registered with the Commodity Futures Trading Commission
as such.
