The Text of the Dodd-Frank Act
International Association of
Risk and Compliance Professionals (IARCP)
Dodd Frank Act Section 102
SEC. 102. DEFINITIONS.
(a) IN GENERAL.—For purposes of
this title, unless the context otherwise requires, the following
definitions shall apply:
(1) BANK
HOLDING COMPANY.—The term ‘‘bank holding company’’ has the
same meaning as in section 2 of the Bank Holding Company Act of
1956 (12 U.S.C. 1841).
A foreign
bank or company that is treated as a bank holding company for
purposes of the Bank Holding Company Act of 1956, pursuant to
section 8(a) of the International Banking Act of 1978 (12 U.S.C.
3106(a)), shall be treated as a bank holding company for purposes
of this title.
(2) CHAIRPERSON.—The
term ‘‘Chairperson’’ means the Chairperson of the Council.
(3) MEMBER AGENCY.—The term ‘‘member
agency’’ means an agency represented by a voting member of the
Council.
(4) NONBANK FINANCIAL
COMPANY DEFINITIONS.—
(A)
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—
(i) incorporated or organized in a
country other than the United States; and
(ii)
predominantly engaged in, including through a branch in the United
States, financial activities, as defined in paragraph (6).
(B) U.S. NONBANK FINANCIAL COMPANY.—The
term ‘‘U.S. nonbank financial company’’ means a company (other
than a bank holding company, 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.), or 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
registered with the Commission, or a board of trade designated as
a contract market (or parent thereof), or a derivatives clearing
organization (or parent thereof, unless the parent is a bank
holding company), swap execution facility or a swap data
repository registered with the Commodity Futures Trading
Commission), that is—
(i) incorporated or organized under
the laws of the United States or any State; and
(ii)
predominantly engaged in financial activities, as defined in
paragraph (6).
(C) NONBANK FINANCIAL
COMPANY.—The term ‘‘nonbank financial company’’ means a
U.S. nonbank financial company and a foreign nonbank financial
company.
(D) NONBANK FINANCIAL
COMPANY SUPERVISED BY THE BOARD OF GOVERNORS.—The term
‘‘nonbank financial company supervised by the Board of Governors’’
means a nonbank financial company that the Council has determined
under section 113 shall be supervised by the Board of Governors.
(5) OFFICE OF FINANCIAL RESEARCH.—The
term ‘‘Office of Financial Research’’ means the office established
under section 152.
(6) PREDOMINANTLY
ENGAGED.—A company is ‘‘predominantly engaged in financial
activities’’ if—
(A) the annual gross revenues derived by
the company and all of its subsidiaries from activities that are
financial in nature (as defined in section 4(k) of the Bank
Holding Company Act of 1956) and, if applicable, from the
ownership or control of one or more insured depository
institutions, represents 85 percent or more of the consolidated
annual gross revenues of the company; or
(B) the
consolidated assets of the company and all of its subsidiaries
related to activities that are financial in nature (as defined in
section 4(k) of the Bank Holding Company Act of 1956) and, if
applicable, related to the ownership or control of one or more
insured depository institutions, represents 85 percent or more of
the consolidated assets of the company.
(7)
SIGNIFICANT INSTITUTIONS.—The terms
‘‘significant nonbank financial company’’ and ‘‘significant bank
holding company’’ have the meanings given those terms by rule of
the Board of Governors, but in no instance shall the term
‘‘significant nonbank financial company’’ include those entities
that are excluded under paragraph (4)(B).
(b)
DEFINITIONAL CRITERIA.—The Board of
Governors shall establish, by regulation, the requirements for
determining if a company is predominantly engaged in financial
activities, as defined in subsection (a)(6).
(c)
FOREIGN NONBANK FINANCIAL COMPANIES.—For
purposes of the application of subtitles A and C (other than
section 113(b)) with respect to a foreign nonbank financial
company, references in this title to ‘‘company’’ or ‘‘subsidiary’’
include only the United States activities and subsidiaries of such
foreign company, except as otherwise provided.
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