The Text of the Dodd-Frank Act
from the
International Association of
Risk and Compliance Professionals (IARCP)
Dodd Frank Act Section 2
SEC. 2. DEFINITIONS
As used in
this Act, the following definitions shall
apply, except as the context otherwise requires or as
otherwise specifically provided in this Act:
(1)
AFFILIATE.—The term ‘‘affiliate’’ has
the same meaning as in section 3 of the Federal Deposit Insurance
Act (12 U.S.C. 1813).
(2) APPROPRIATE
FEDERAL BANKING AGENCY.—On and after the transfer date, the
term ‘‘appropriate Federal banking agency’’ has the same meaning
as in section 3(q) of the Federal Deposit Insurance Act (12 U.S.C.
1813(q)), as amended by title III.
(3)
BOARD OF GOVERNORS.—The term ‘‘Board
of Governors’’ means the Board of Governors of the Federal Reserve
System.
(4) BUREAU.—The term
‘‘Bureau’’ means the Bureau of Consumer Financial Protection
established under title X.
(5)
COMMISSION.—The term ‘‘Commission’’ means the Securities
and Exchange Commission, except in the context of the Commodity
Futures Trading Commission.
(6)
COMMODITY FUTURES TERMS.—The terms ‘‘futures commission
merchant’’, ‘‘swap’’, ‘‘swap dealer’’, ‘‘swap execution
facility’’, ‘‘derivatives clearing organization’’, ‘‘board of
trade’’, ‘‘commodity trading advisor’’, ‘‘commodity pool’’, and
‘‘commodity pool operator’’ have the same meanings as given the
terms in section 1a of the Commodity Exchange Act (7 U.S.C. 1 et
seq.).
(7) CORPORATION.—The
term ‘‘Corporation’’ means the Federal Deposit Insurance
Corporation.
(8) COUNCIL.—The
term ‘‘Council’’ means the Financial Stability Oversight Council
established under title I.
(9) CREDIT
UNION.—The term ‘‘credit union’’ means a Federal credit
union, State credit union, or State-chartered credit union, as
those terms are defined in section 101 of the Federal Credit Union
Act (12 U.S.C. 1752).
(10) FEDERAL
BANKING AGENCY.—The term—
(A) ‘‘Federal banking agency’’ means, individually, the Board of
Governors, the Office of the Comptroller of the Currency, and the
Corporation; and
(B) ‘‘Federal banking agencies’’ means all of the agencies
referred to in subparagraph (A), collectively.
(11)
FUNCTIONALLY REGULATED SUBSIDIARY.—The
term ‘‘functionally regulated subsidiary’’ has the same meaning as
in section 5(c)(5) of the Bank Holding Company Act of 1956 (12
U.S.C. 1844(c)(5)).
(12) PRIMARY
FINANCIAL REGULATORY AGENCY.—The term ‘‘primary financial
regulatory agency’’ means—
(A) the appropriate Federal banking agency,
with respect to institutions described in section 3(q) of the
Federal Deposit Insurance Act, except to the extent that an
institution is or the activities of an institution are otherwise
described in subparagraph (B), (C), (D), or (E);
(B) the
Securities and Exchange Commission,
with respect to—
(i) any broker or dealer that is
registered with the Commission under the Securities Exchange Act
of 1934, with respect to the activities of the broker or dealer
that require the broker or dealer to be registered under that Act;
(ii) any investment company that is registered with the
Commission under the Investment Company Act of 1940, with respect
to the activities of the investment company that require the
investment company to be registered under that Act;
(iii)
any investment adviser that is registered with the Commission
under the Investment Advisers Act of 1940, with respect to the
investment advisory activities of such company and activities that
are incidental to such advisory activities;
(iv) any
clearing agency registered with the Commission under the
Securities Exchange Act of 1934, with respect to the activities of
the clearing agency that require the agency to be registered under
such Act;
(v) any nationally recognized statistical rating
organization registered with the Commission under the Securities
Exchange Act of 1934;
(vi) any transfer agent registered
with the Commission under the Securities Exchange Act of 1934;
(vii) any exchange registered as a national securities
exchange with the Commission under the Securities Exchange Act of
1934;
(viii) any national securities association registered
with the Commission under the Securities Exchange Act of 1934;
(ix) any securities information processor registered with the
Commission under the Securities Exchange Act of 1934;
(x)
the Municipal Securities Rulemaking Board established under the
Securities Exchange Act of 1934;
(xi) the Public Company
Accounting Oversight Board established under the Sarbanes-Oxley
Act of 2002 (15 U.S.C. 7211 et seq.);
(xii) the Securities
Investor Protection Corporation established under the Securities
Investor Protection Act of 1970 (15 U.S.C. 78aaa et seq.); and
(xiii) any security-based swap execution facility,
security-based swap data repository, security-based swap dealer or
major security-based swap participant registered with the
Commission under the Securities Exchange Act of 1934, with respect
to the securitybased swap activities of the person that require
such person to be registered under such Act;
(C) the
Commodity Futures Trading Commission,
with respect to—
(i) any futures commission merchant
registered with the Commodity Futures Trading Commission under the
Commodity Exchange Act (7 U.S.C. 1 et seq.), with respect to the
activities of the futures commission merchant that require the
futures commission merchant to be registered under that Act;
(ii) any commodity pool operator registered with the Commodity
Futures Trading Commission under the Commodity Exchange Act (7
U.S.C. 1 et seq.), with respect to the activities of the commodity
pool operator that require the commodity pool operator to be
registered under that Act, or a commodity pool, as defined in that
Act;
(iii) any commodity trading advisor or introducing
broker registered with the Commodity Futures Trading Commission
under the Commodity Exchange Act (7 U.S.C. 1 et seq.), with
respect to the activities of the commodity trading advisor or
introducing broker that require the commodity trading adviser or
introducing broker to be registered under that Act;
(iv)
any derivatives clearing organization registered with the
Commodity Futures Trading Commission under the Commodity Exchange
Act (7 U.S.C. 1 et seq.), with respect to the activities of the
derivatives clearing organization that require the derivatives
clearing organization to be registered under that Act;
(v)
any board of trade designated as a contract market by the
Commodity Futures Trading Commission under the Commodity Exchange
Act (7 U.S.C. 1 et seq.);
(vi) any futures association
registered with the Commodity Futures Trading Commission under the
Commodity Exchange Act (7 U.S.C. 1 et seq.);
(vii) any
retail foreign exchange dealer registered with the Commodity
Futures Trading Commission under the Commodity Exchange Act (7
U.S.C. 1 et seq.), with respect to the activities of the retail
foreign exchange dealer that require the retail foreign exchange
dealer to be registered under that Act;
(viii) any swap
execution facility, swap data repository, swap dealer, or major
swap participant registered with the Commodity Futures Trading
Commission under the Commodity Exchange Act (7 U.S.C. 1 et seq.)
with respect to the swap activities of the person that require
such person to be registered under that Act; and
(ix) any
registered entity under the Commodity Exchange Act (7 U.S.C. 1 et
seq.), with respect to the activities of the registered entity
that require the registered entity to be registered under that
Act;
(D) the State insurance authority of the State in
which an insurance company is domiciled, with respect to the
insurance activities and activities that are incidental to such
insurance activities of an insurance company that is subject to
supervision by the State insurance authority under State insurance
law; and
(E) the Federal Housing Finance Agency, with
respect to Federal Home Loan Banks or the Federal Home Loan Bank
System, and with respect to the Federal National Mortgage
Association or the Federal Home Loan Mortgage Corporation.
(13) PRUDENTIAL STANDARDS.—The term
‘‘prudential standards’’ means enhanced supervision and regulatory
standards developed by the Board of Governors under section 165.
(14) SECRETARY.—The term
‘‘Secretary’’ means the Secretary of the Treasury.
(15)
SECURITIES TERMS.—The—
(A)
terms ‘‘broker’’, ‘‘dealer’’, ‘‘issuer’’, ‘‘nationally recognized
statistical rating organization’’, ‘‘security’’, and ‘‘securities
laws’’ have the same meanings as in section 3 of the Securities
Exchange Act of 1934 (15 U.S.C. 78c);
(B) term ‘‘investment
adviser’’ has the same meaning as in section 202 of the Investment
Advisers Act of 1940 (15 U.S.C. 80b–2); and
(C) term
‘‘investment company’’ has the same meaning as in section 3 of the
Investment Company Act of 1940 (15 U.S.C. 80a–3).
(16)
STATE.—The term ‘‘State’’ means 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, or the United States Virgin Islands.
(17)
TRANSFER DATE.—The term ‘‘transfer
date’’ means the date established under section 311.
(18)
OTHER INCORPORATED DEFINITIONS.—
(A) FEDERAL DEPOSIT INSURANCE ACT.—The
terms
‘‘bank’’, ‘‘bank holding company’’, ‘‘control’’,
‘‘deposit’’,‘‘depository institution’’, ‘‘Federal depository
institution’’, ‘‘Federal savings association’’, ‘‘foreign bank’’,
‘‘including’’, ‘‘insured branch’’, ‘‘insured depository
institution’’, ‘‘national member bank’’, ‘‘national nonmember
bank’’, ‘‘savings association’’, ‘‘State bank’’, ‘‘State
depository institution’’, ‘‘State member bank’’, ‘‘State nonmember
bank’’, ‘‘State savings association’’, and ‘‘subsidiary’’ have the
same meanings as in section 3 of the Federal Deposit Insurance Act
(12 U.S.C. 1813).
(B) HOLDING
COMPANIES.—The term—
(i) ‘‘bank holding company’’
has the same meaning as in section 2 of the Bank Holding Company
Act of 1956 (12 U.S.C. 1841);
(ii) ‘‘financial holding
company’’ has the same meaning as in section 2(p) of the Bank
Holding Company Act of 1956 (12 U.S.C. 1841(p)); and
(iii)
‘‘savings and loan holding company’’ has the same meaning as in
section 10 of the Home Owners’ Loan Act (12 U.S.C. 1467a(a)).
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