Page:United States Statutes at Large Volume 106 Part 4.djvu/177

 PUBLIC LAW 102-486—OCT. 24, 1992 106 STAT. 2913 tribution of electric energy for sale or the distribution at retail of natural or manufactured gas for heat, light, or power, within the United States; and "(ii) neither the company nor any of its subsidiary companies is a public utility company operating in the United States; and ''(B) provides notice to the Commission, in such form as the Commission may prescribe, that such company is a foreign utility company. "(b) OWNERSHIP OF FOREIGN UTILITY COMPANIES BY EXEMPT HOLDING COMPANIES. — Notwithstanding any provision of this Act except as provided under this section, a holding company that is exempt under section 3 of the Act shall be permitted without condition or limitation under the Act to acquire and maintain an interest in the business of one or more foreign utility companies. "(c) REGISTERED HOLDING COMPANIES.— "(1) OWNERSHIP OF FOREIGN UTILITY COMPANIES BY REG- ISTERED HOLDING COMPANIES. —Notwithstanding any provision of this Act except as otherwise provided under this section, a registered holding company shall be permitted as of the date of enactment of this section (without the need to apply for, or receive approval from the Commission) to acquire and hold the securities or an interest in the business, of one or more foreign utility companies. The Commission shall promul- Regulations. gate rules or regulations regarding registered holding companies' acquisition of interests in foreign utility companies which shall provide for the protection of the customers of a public utility company which is an associate company of a foreign utility company and the mainteneuice of the financial integrity of the registered holding company system. "(2) ISSUANCE OF SECURITIES.— The issuance of securities by a registered holding company for purposes of financing the acquisition of a foreign utility company, the guarantee of securities of a foreign utility company by a registered holding company, the entering into service, sales, or construction contracts, and the creation or maintenance of any other relationship between a foreign utility company and a registered holding company, its afHliates and associate companies, shall remain subject to the jurisdiction of the Commission under this Act (unless otherwise exempted under this Act, in the case of a transaction with an affiliate or associate company located outside of the United States). Any State commission with jurisdiction over the retail rates of a public utility company which is part of a registered holding company system may make such recommendations to the Commission regarding the registered holding company's relationship to a foreign utility company, and the Commission shall reasonably and fully consider such State recommendation. " (3) CONSTRUCTION.—Any interest in the business of 1 or more foreign utility companies, or 1 or more companies organized exclusively to own, directly or indirectly, the securities or other interest in a foreign utility company, shall for all purposes of this Act, be considered to be— "(A) consistent with the operation of a single integrated public utility system, within the meaning of section 11; and

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