Page:United States Statutes at Large Volume 113 Part 2.djvu/324

 113 STAT. 1344 PUBLIC LAW 106-102—NOV. 12, 1999 "(ii) the Board has determined, under regulations prescribed or interpretations issued pursuant to subsection (c)(13) (as in effect on the day before the date of the enactment of the Gramm-Leach-BHley Act) to be usual in connection with the transaction of banking ,: or other financial operations abroad. "(H) Directly or indirectly acquiring or controlling, whether as principal, on behalf of 1 or more entities (including entities, other than a depository institution or subsidiary of a depository institution, that the bank holding company controls), or otherwise, shares, assets, or ownership interests (including debt or equity securities, partnership interests, trust certificates, or other instruments representing ownership) of a company or other entity, whether or not constituting control of such company or entity, engaged in any activity not authorized pursuant to this section if— "(i) the shares, assets, or ownership interests are not acquired or held by a depository institution or subsidiary of a depository institution; "(ii) such shares, assets, or ownership interests are acquired and held by— "(I) a securities affiliate or an affiliate thereof; or "(II) an affiliate of an insurance company described in subparagraph (I)(ii) that provides investment advice to an insurance company and is registered pursuant to the Investment Advisers Act of 1940, or an affiliate of such investment adviser; as part of a bona fide underwriting or merchant or investment banking activity, including investment activities engaged in for the purpose of appreciation and ultimate resale or disposition of the investment; "(iii) such shares, assets, or ownership interests are held for a period of time to enable the sale or disposition thereof on a reasonable basis consistent with the financial viability of the activities described in clause (ii); and "(iv) during the period such shsires, assets, or ownership interests are held, the bank holding company does not routinely manage or operate such company or entity except as may be necessary or required ^» to obtain a reasonable return on investment upon resale or disposition. "(I) Directly or indirectly acquiring or controlling, whether as principal, on behalf of 1 or more entities (including entities, other than a depository institution or subsidiary of a depository institution, that the bank holding company controls) or otherwise, shares, assets, or ownership interests (including debt or equity securities, partnership interests, trust certificates or other instruments representing ownership) of a company or other entity, whether or not constituting control of such company or entity, 1 engaged in any activity not authorized pursuant to this section if—

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