Page:United States Statutes at Large Volume 113 Part 2.djvu/329

 PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1349 '. "(A) IN GENERAL. —^A depository institution controlled by a financial holding company shall not— "(i) offer or market, directly or through any arrangement, any product or service of a company whose activities are conducted or whose shares are owned or controlled by the financial holding company pursuant to this subsection or subparagraph (H) or (I) of subsection (k)(4); or "(ii) permit any of its products or services to be "•. offered or marketed, directly or through any arrangement, by or through any company described in clause .-- .^. ii). "(B) RULE OF CONSTRUCTION. —Subparagraph (A) shall not be construed as prohibiting an arrangement between a depository institution and a company owned or controlled pursuant to subsection (k)(4)(I) for the marketing of products or services through statement inserts or Internet websites if— "(i) such arrangement does not violate section 106 £s of the Bank Holding Company Act Amendments of 1970; and "(ii) the Board determines that the arrangement ':.• is in the public interest, does not undermine the separation of banking and commerce, and is consistent with the safety and soundness of depository institutions. " (6) TRANSACTIONS WITH NONFINANCIAL AFFILIATES. — A depository institution controlled by a financial holding company may not engage in a covered transaction (as defined in section 23A(b)(7) of the Federal Reserve Act) with any affiliate controlled by the company pursuant to this subsection. "(7) SUNSET OF GRANDFATHER.— A financial holding company engaged in any activity, or retaining direct or indirect ownership or control of shares of a company, pursuant to this subsection, shall terminate such activity and divest ownership or control of the shares of such company before the end of the 10-year period beginning on the date of the enactment of the Gramm-Leach-Bliley Act. The Board may, upon application by a financial holding company, extend such 10-year period by a period not to exceed an additional 5 years if such extension would not be detrimental to the public interest, "(o) REGULATION OF CERTAIN FINANCIAL HOLDING COMPA- NIES. — Notwithstanding subsection (a), a company that is not a bank holding company or a foreign bank (as defined in section 1(b)(7) of the International Banking Act of 1978) and becomes a financial holding company after the date of enactment of the Gramm-Leach-Bliley Act, may continue to engage in, or directly or indirectly own or control shares of a company engaged in, activities related to the trading, sale, or investment in commodities and underlying physical properties that were not permissible for bank holding companies to conduct in the United States as of September 30, 1997, if— "(1) the holding company, or any subsidiary of the holding company, lawfully was engaged, directly or indirectly, in any of such activities as of September 30, 1997, in the United ' States;

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