Page:United States Statutes at Large Volume 113 Part 2.djvu/354

 113 STAT. 1374 PUBLIC LAW 106-102—NOV. 12, 1999 Regulations. Applicability. "(C) the national bank and each depository institution affihate of the national bank are well capitalized and well managed; "(D) the aggregate consolidated total assets of all financial subsidiaries of the national bank do not exceed the lesser of— "(i) 45 percent of the consolidated total assets of the parent bank; or "(ii) $50,000,000,000; "(E) except as provided in paragraph (4), the national bank meets any applicable rating or other requirement set forth in paragraph (3); and "(F) the national bank has received the approval of the Comptroller of the Currency for the financial subsidiary to engage in such activities, which approval shall be based solely upon the factors set forth in this section. " (3) RATING OR COMPARABLE REQUIREMENT.— "(A) IN GENERAL. — A national bank meets the requirements of this paragraph if— "(i) the bank is 1 of the 50 largest insured banks and has not fewer than 1 issue of outstanding eligible debt that is currently rated within the 3 highest investment grade rating categories by a nationally recognized statistical rating organization; or "(ii) the bank is 1 of the second 50 largest insured banks and meets the criteria set forth in clause (i) or such other criteria as the Secretary of the Treasury and the Board of Governors of the Federal Reserve System may jointly establish by regulation and determine to be comparable to and consistent with the purposes of the rating required in clause (i). " (B) CONSOLIDATED TOTAL ASSETS.— For purposes of this paragraph, the size of an insured bank shall be determined on the basis of the consolidated total assets of the bank as of the end of each calendar year. "(4) FINANCIAL AGENCY SUBSIDIARY. —The requirement in paragraph (2)(E) shall not apply with respect to the ownership or control of a financial subsidiary that engages in activities described in subsection (b)(1) solely as agent and not directly or indirectly as principal. " (5) REGULATIONS REQUIRED.— Before the end of the 270- day period beginning on the date of the enactment of the Gramm-Leach-Bliley Act, the Comptroller of the Currency shall, by regulation, prescribe procedures to implement this section. "(6) INDEXED ASSET LIMIT.— The dollar amount contained in paragraph (2)(D) shall be adjusted according to an indexing mechanism jointly established by regulation by the Secretary of the Treasury and the Board of Governors of the Federal Reserve System. " (7) COORDINATION WITH SECTION 4(1)(2) OF THE BANK HOLDING COMPANY ACT OF 1956. —Section 4(1)(2) of the Bank Holding Company Act of 1956 applies to a national bank that controls a financial subsidiary in the manner provided in that section. "(b) ACTIVITIES THAT ARE FINANCIAL IN NATURE. — "(1) FINANCIAL ACTIVITIES.—

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