(a) Authority. This part is issued by the Board pursuant to sections 102(a)(7)
and (b) of the Dodd-Frank Wall Street Reform and Consumer Protection
Act (Dodd-Frank Act) (12 U.S.C. 5311(a)(7) and (b)).
(b) Purpose.
(1) This part establishes the criteria
for determining if a company is “predominantly engaged in financial
activities” as required under section 102(b) of the Dodd-Frank Act
(12 U.S.C. 5311(b)) for purposes of Title I of the Dodd-Frank Act.
(2) This part defines the terms “significant
nonbank financial company” and “significant bank holding company”
as provided in section 102(a)(6) of the Dodd-Frank Act for purposes
of—
(i) Section 113
of the Dodd-Frank Act (12 U.S.C. 5323) relating to the designation
of nonbank financial companies by the Financial Stability Oversight
Council (Council) for supervision by the Board; and
(ii) Section 165(d)(2) of the Dodd-Frank
Act (12 U.S.C. 5365(d)(2)) relating to the credit exposure reports
required to be filed by—
(A) A nonbank financial company supervised by the Board; and
(B) A bank holding company or foreign bank
subject to the Bank Holding Company Act (BHC Act) (12 U.S.C. 1841 et seq.) that is a bank holding company described in section
165(a) of the Dodd-Frank Act (12 U.S.C. 5365(a)).
