Page:United States Statutes at Large Volume 124.djvu/1470

 124 STAT. 1444 PUBLIC LAW 111–203—JULY 21, 2010 determined are financial in nature or incidental thereto for purposes of section 4(k) of the Bank Holding Com- pany Act of 1956 (12 U.S.C. 1843(k)) (other than a subsidiary that is an insured depository institution or an insurance company); and (C) is not a Farm Credit System institution chartered under and subject to the provisions of the Farm Credit Act of 1971, as amended (12 U.S.C. 2001 et seq.), a govern- mental entity, or a regulated entity, as defined under sec- tion 1303(20) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4502(20)). (12) FUND.—The term ‘‘Fund’’ means the Orderly Liquida- tion Fund established under section 210(n). (13) INSURANCE COMPANY.—The term ‘‘insurance company’’ means any entity that is— (A) engaged in the business of insurance; (B) subject to regulation by a State insurance regulator; and (C) covered by a State law that is designed to specifi- cally deal with the rehabilitation, liquidation, or insolvency of an insurance company. (14) NONBANK FINANCIAL COMPANY.—The term ‘‘nonbank financial company’’ has the same meaning as in section 102(a)(4)(C). (15) NONBANK FINANCIAL COMPANY SUPERVISED BY THE BOARD OF GOVERNORS.—The term ‘‘nonbank financial company supervised by the Board of Governors’’ has the same meaning as in section 102(a)(4)(D). (16) SIPC.—The term ‘‘SIPC’’ means the Securities Investor Protection Corporation. (b) DEFINITIONAL CRITERIA.—For purpose of the definition of the term ‘‘financial company’’ under subsection (a)(11), no company shall be deemed to be predominantly engaged in activities that the Board of Governors has determined are financial in nature or incidental thereto for purposes of section 4(k) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(k)), if the consolidated reve- nues of such company from such activities constitute less than 85 percent of the total consolidated revenues of such company, as the Corporation, in consultation with the Secretary, shall estab- lish by regulation. In determining whether a company is a financial company under this title, the consolidated revenues derived from the ownership or control of a depository institution shall be included. SEC. 202. JUDICIAL REVIEW. (a) COMMENCEMENT OF ORDERLY LIQUIDATION.— (1) PETITION TO DISTRICT COURT.— (A) DISTRICT COURT REVIEW.— (i) PETITION TO DISTRICT COURT.—Subsequent to a determination by the Secretary under section 203 that a financial company satisfies the criteria in section 203(b), the Secretary shall notify the Corporation and the covered financial company. If the board of directors (or body performing similar functions) of the covered financial company acquiesces or consents to the appointment of the Corporation as receiver, the Sec- retary shall appoint the Corporation as receiver. If Appointment. Notification. 12 USC 5382. Regulations.