{"identifier":"/us/usc/t12/s5311","title":12,"num":"\u00a7\u202f5311.","heading":"Definitions","text":"\u00a7\u202f5311.\nDefinitions\n(a)\nIn general\nFor purposes of this subchapter, unless the context otherwise requires, the following definitions shall apply:\n(1)\nBank holding company\nThe term \u201cbank holding company\u201d has the same meaning as in section 2 of the Bank Holding Company Act of 1956 (\n12 U.S.C. 1841\n12 U.S.C. 1841\nsection 3106(a) of this title\n(2)\nChairperson\nThe term \u201cChairperson\u201d means the Chairperson of the Council.\n(3)\nMember agency\nThe term \u201cmember agency\u201d means an agency represented by a voting member of the Council.\n(4)\nNonbank financial company definitions\n(A)\nForeign nonbank financial company\nThe term \u201cforeign nonbank financial company\u201d means a company (other than a company that is, or is treated in the United States as, a bank holding company) that is\u2014\n(i) incorporated or organized in a country other than the United States; and\n(ii) predominantly engaged in, including through a branch in the United States, financial activities, as defined in paragraph (6).\n(B)\nU.S. nonbank financial company\nThe term \u201cU.S. nonbank financial company\u201d means a company (other than a bank holding company, a Farm Credit System institution chartered and subject to the provisions of the Farm Credit Act of 1971 (\n(i) incorporated or organized under the laws of the United States or any State; and\n(ii) predominantly engaged in financial activities, as defined in paragraph (6).\n(C)\nNonbank financial company\nThe term \u201cnonbank financial company\u201d means a U.S. nonbank financial company and a foreign nonbank financial company.\n(D)\nNonbank financial company supervised by the Board of Governors\nThe term \u201cnonbank financial company supervised by the Board of Governors\u201d means a nonbank financial company that the Council has determined under\nsection 5323 of this title\n(5)\nOffice of Financial Research\nThe term \u201cOffice of Financial Research\u201d means the office established under\nsection 5342 of this title\n(6)\nPredominantly engaged\nA company is \u201cpredominantly engaged in financial activities\u201d if\u2014\n(A) the annual gross revenues derived by the company and all of its subsidiaries from activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956 [\n12 U.S.C. 1843(k)\n(B) the consolidated assets of the company and all of its subsidiaries related to activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956) and, if applicable, related to the ownership or control of one or more insured depository institutions, represents 85 percent or more of the consolidated assets of the company.\n(7)\nSignificant institutions\nThe terms \u201csignificant nonbank financial company\u201d and \u201csignificant bank holding company\u201d have the meanings given those terms by rule of the Board of Governors, but in no instance shall the term \u201csignificant nonbank financial company\u201d include those entities that are excluded under paragraph (4)(B).\n(b)\nDefinitional criteria\nThe Board of Governors shall establish, by regulation, the requirements for determining if a company is predominantly engaged in financial activities, as defined in subsection (a)(6).\n(c)\nForeign nonbank financial companies\nFor purposes of the application of parts A and C (other than\nsection 5323(b) of this title","url":"https://projectusc.org/usc/t12/s5311.html","content":[{"t":"sec","id":"/us/usc/t12/s5311","children":[{"t":"num","text":"\u00a7\u202f5311."},{"t":"heading","text":"Definitions"},{"t":"subsec","id":"/us/usc/t12/s5311/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"In general"},{"t":"chapeau","text":"For purposes of this subchapter, unless the context otherwise requires, the following definitions shall apply:"},{"t":"para","id":"/us/usc/t12/s5311/a/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Bank holding company"},{"t":"content","children":[{"t":"p","text":"The term \u201cbank holding company\u201d has the same meaning as in section 2 of the Bank Holding Company Act of 1956 (","children":[{"t":"ref","text":"12 U.S.C. 1841","href":"/us/usc/t12/s1841","tail":"). A foreign bank or company that is treated as a bank holding company for purposes of the Bank Holding Company Act of 1956 ["},{"t":"ref","text":"12 U.S.C. 1841","href":"/us/usc/t12/s1841","tail":" et seq.], pursuant to "},{"t":"ref","text":"section 3106(a) of this title","href":"/us/usc/t12/s3106/a","tail":", shall be treated as a bank holding company for purposes of this subchapter."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5311/a/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Chairperson"},{"t":"content","children":[{"t":"p","text":"The term \u201cChairperson\u201d means the Chairperson of the Council.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5311/a/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Member agency"},{"t":"content","children":[{"t":"p","text":"The term \u201cmember agency\u201d means an agency represented by a voting member of the Council.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5311/a/4","children":[{"t":"num","text":"(4)"},{"t":"heading","text":"Nonbank financial company definitions"},{"t":"subpara","id":"/us/usc/t12/s5311/a/4/A","children":[{"t":"num","text":"(A)"},{"t":"heading","text":"Foreign nonbank financial company"},{"t":"chapeau","text":"The term \u201cforeign nonbank financial company\u201d means a company (other than a company that is, or is treated in the United States as, a bank holding company) that is\u2014"},{"t":"clause","id":"/us/usc/t12/s5311/a/4/A/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" incorporated or organized in a country other than the United States; and","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5311/a/4/A/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" predominantly engaged in, including through a branch in the United States, financial activities, as defined in paragraph (6).","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5311/a/4/B","children":[{"t":"num","text":"(B)"},{"t":"heading","text":"U.S. nonbank financial company"},{"t":"chapeau","text":"The term \u201cU.S. nonbank financial company\u201d means a company (other than a bank holding company, a Farm Credit System institution chartered and subject to the provisions of the Farm Credit Act of 1971 (","children":[{"t":"ref","text":"12 U.S.C. 2001","href":"/us/usc/t12/s2001","tail":" et seq.), or a national securities exchange (or parent thereof), clearing agency (or parent thereof, unless the parent is a bank holding company), security-based swap execution facility, or security-based swap data repository registered with the Commission, or a board of trade designated as a contract market (or parent thereof), or a derivatives clearing organization (or parent thereof, unless the parent is a bank holding company), swap execution facility or a swap data repository registered with the Commodity Futures Trading Commission), that is\u2014"}]},{"t":"clause","id":"/us/usc/t12/s5311/a/4/B/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" incorporated or organized under the laws of the United States or any State; and","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5311/a/4/B/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" predominantly engaged in financial activities, as defined in paragraph (6).","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5311/a/4/C","children":[{"t":"num","text":"(C)"},{"t":"heading","text":"Nonbank financial company"},{"t":"content","children":[{"t":"p","text":"The term \u201cnonbank financial company\u201d means a U.S. nonbank financial company and a foreign nonbank financial company.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5311/a/4/D","children":[{"t":"num","text":"(D)"},{"t":"heading","text":"Nonbank financial company supervised by the Board of Governors"},{"t":"content","children":[{"t":"p","text":"The term \u201cnonbank financial company supervised by the Board of Governors\u201d means a nonbank financial company that the Council has determined under ","children":[{"t":"ref","text":"section 5323 of this title","href":"/us/usc/t12/s5323","tail":" shall be supervised by the Board of Governors."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5311/a/5","children":[{"t":"num","text":"(5)"},{"t":"heading","text":"Office of Financial Research"},{"t":"content","children":[{"t":"p","text":"The term \u201cOffice of Financial Research\u201d means the office established under ","children":[{"t":"ref","text":"section 5342 of this title","href":"/us/usc/t12/s5342","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5311/a/6","children":[{"t":"num","text":"(6)"},{"t":"heading","text":"Predominantly engaged"},{"t":"chapeau","text":"A company is \u201cpredominantly engaged in financial activities\u201d if\u2014"},{"t":"subpara","id":"/us/usc/t12/s5311/a/6/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" the annual gross revenues derived by the company and all of its subsidiaries from activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956 [","children":[{"t":"ref","text":"12 U.S.C. 1843(k)","href":"/us/usc/t12/s1843/k","tail":"]) and, if applicable, from the ownership or control of one or more insured depository institutions, represents 85 percent or more of the consolidated annual gross revenues of the company; or"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5311/a/6/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" the consolidated assets of the company and all of its subsidiaries related to activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956) and, if applicable, related to the ownership or control of one or more insured depository institutions, represents 85 percent or more of the consolidated assets of the company.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5311/a/7","children":[{"t":"num","text":"(7)"},{"t":"heading","text":"Significant institutions"},{"t":"content","children":[{"t":"p","text":"The terms \u201csignificant nonbank financial company\u201d and \u201csignificant bank holding company\u201d have the meanings given those terms by rule of the Board of Governors, but in no instance shall the term \u201csignificant nonbank financial company\u201d include those entities that are excluded under paragraph (4)(B).","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s5311/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Definitional criteria"},{"t":"content","children":[{"t":"p","text":"The Board of Governors shall establish, by regulation, the requirements for determining if a company is predominantly engaged in financial activities, as defined in subsection (a)(6).","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s5311/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Foreign nonbank financial companies"},{"t":"content","children":[{"t":"p","text":"For purposes of the application of parts A and C (other than ","children":[{"t":"ref","text":"section 5323(b) of this title","href":"/us/usc/t12/s5323/b","tail":") with respect to a foreign nonbank financial company, references in this subchapter to \u201ccompany\u201d or \u201csubsidiary\u201d include only the United States activities and subsidiaries of such foreign company, except as otherwise provided."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}