|
U.S. Code as of:
01/19/04
Section 1831v. Authority of State insurance regulator and Securities and Exchange Commission
(a) In general
Notwithstanding any other provision of law, the provisions of -
(1) section 1844(c) of this title that limit the authority of
the Board of Governors of the Federal Reserve System to require
reports from, to make examinations of, or to impose capital
requirements on holding companies and their functionally
regulated subsidiaries or that require deference to other
regulators;
(2) section 1844(g) of this title that limit the authority of
the Board to require a functionally regulated subsidiary of a
holding company to provide capital or other funds or assets to a
depository institution subsidiary of the holding company and to
take certain actions including requiring divestiture of the
depository institution; and
(3) section 1848a of this title that limit whatever authority
the Board might otherwise have to take direct or indirect action
with respect to holding companies and their functionally
regulated subsidiaries;
shall also limit whatever authority that a Federal banking agency
might otherwise have under any statute or regulation to require
reports, make examinations, impose capital requirements, or take
any other direct or indirect action with respect to any
functionally regulated affiliate of a depository institution,
subject to the same standards and requirements as are applicable to
the Board under those provisions.
(b) Certain exemption authorized
No provision of this section shall be construed as preventing the
Corporation, if the Corporation finds it necessary to determine the
condition of a depository institution for insurance purposes, from
examining an affiliate of any depository institution, pursuant to
section 1820(b)(4) of this title, as may be necessary to disclose
fully the relationship between the depository institution and the
affiliate, and the effect of such relationship on the depository
institution.
(c) Definitions
For purposes of this section, the following definitions shall
apply:
(1) Functionally regulated subsidiary
The term "functionally regulated subsidiary" has the meaning
given the term in section 1844(c)(5) of this title.
(2) Functionally regulated affiliate
The term "functionally regulated affiliate" means, with respect
to any depository institution, any affiliate of such depository
institution that is -
(A) not a depository institution holding company; and
(B) a company described in any clause of section
1844(c)(5)(B) of this title.
|
|