Page:United States Statutes at Large Volume 113 Part 2.djvu/325

 PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1345 "(i) the shares, assets, or ownership interests are not acquired or held by a depository institution or a subsidiary of a depository institution; "(ii) such shares, assets, or ownership interests are acquired and held by an insurance company that is predominantly engaged in underwriting life, accident and health, or property and casualty insurance (other than credit-related insurance) or providing and issuing annuities; "(iii) such shares, assets, or ownership interests represent an investment made in the ordinary course of business of such insurance company in accordance with relevant State law governing such investments; and "(iv) during the period such shares, assets, or ownership interests are held, the bank holding company does not routinely manage or operate such company except as may be necessary or required to obtain a reasonable return on investment. " (5) ACTIONS REQUIRED.— "(A) IN GENERAL.— The Board shall, by regulation or order, define, consistent with the purposes of this Act, the activities described in subparagraph (B) as financial in nature, and the extent to which such activities are financial in nature or incidental to a financial activity. "(B) ACTIVITIES. —The activities described in this subparagraph are as follows: "(i) Lending, exchanging, transferring, investing for others, or safeguarding financial assets other than money or securities. "(ii) Providing any device or other instrumentality for transferring money or other financial assets. "(iii) Arranging, effecting, or facilitating financial transactions for the account of third parties. "(6) REQUIRED NOTIFICATION. — "(A) IN GENERAL. —^A financial holding company that acquires any company or commences any activity pursuant to this subsection shall provide written notice to the Board describing the activity commenced or conducted by the company acquired not later than 30 calendar days after commencing the activity or consummating the acquisition, as the case may be. "(B) APPROVAL NOT REQUIRED FOR CERTAIN FINANCIAL ACTIVITIES.— Except as provided in subsection (j) with regard to the acquisition of a savings association, a financial holding company may commence any activity, or acquire any company, pursuant to paragraph (4) or any regulation prescribed or order issued under paragraph (5), without prior approval of the Board. " (7) MERCHANT BANKING ACTIVITIES. — "(A) JOINT REGULATIONS.—The Board and the Secretary of the Treasury may issue such regulations implementing paragraph (4)(H), including limitations on transactions between depository institutions and companies controlled pursuant to such paragraph, as the Board and the Secretary jointly deem appropriate to assure compliance with the purposes and prevent evasions of this Act and Regulations. Deadline.

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