Page:United States Statutes at Large Volume 124.djvu/1643

 124 STAT. 1617 PUBLIC LAW 111–203—JULY 21, 2010 (2) the term ‘‘foreign bank’’ has the same meaning as in section 1(b)(7) of the International Banking Act of 1978 (12 U.S.C. 3101(7)); (3) the term ‘‘insured bank’’ has the same meaning as in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813); (4) the term ‘‘securities holding company’’— (A) means— (i) a person (other than a natural person) that owns or controls 1 or more brokers or dealers registered with the Commission; and (ii) the associated persons of a person described in clause (i); and (B) does not include a person that is— (i) a nonbank financial company supervised by the Board under title I; (ii) an insured bank (other than an institution described in subparagraphs (D), (F), or (H) of section 2(c)(2) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841(c)(2)) or a savings association; (iii) an affiliate of an insured bank (other than an institution described in subparagraphs (D), (F), or (H) of section 2(c)(2) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841(c)(2)) or an affiliate of a savings association; (iv) a foreign bank, foreign company, or company that is described in section 8(a) of the International Banking Act of 1978 (12 U.S.C. 3106(a)); (v) a foreign bank that controls, directly or indirectly, a corporation chartered under section 25A of the Federal Reserve Act (12 U.S.C. 611 et seq.); or (vi) subject to comprehensive consolidated super- vision by a foreign regulator; (5) the term ‘‘supervised securities holding company’’ means a securities holding company that is supervised by the Board of Governors under this section; and (6) the terms ‘‘affiliate’’, ‘‘bank’’, ‘‘bank holding company’’, ‘‘company’’, ‘‘control’’, ‘‘savings association’’, and ‘‘subsidiary’’ have the same meanings as in section 2 of the Bank Holding Company Act of 1956. (b) SUPERVISION OF A SECURITIES HOLDING COMPANY NOT HAVING A BANK OR SAVINGS ASSOCIATION AFFILIATE.— (1) IN GENERAL.—A securities holding company that is required by a foreign regulator or provision of foreign law to be subject to comprehensive consolidated supervision may register with the Board of Governors under paragraph (2) to become a supervised securities holding company. Any securities holding company filing such a registration shall be supervised in accordance with this section, and shall comply with the rules and orders prescribed by the Board of Governors applicable to supervised securities holding companies. (2) REGISTRATION AS A SUPERVISED SECURITIES HOLDING COMPANY.— (A) REGISTRATION.—A securities holding company that elects to be subject to comprehensive consolidated super- vision shall register by filing with the Board of Governors Regulations.