Sec. 11. Prior approval requirements
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Section 4(k)(6) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1843(k)(6) is amended by striking subparagraph
(B)and inserting the following: A financial holding company may not commence any activity, or acquire any company, pursuant to paragraph
(4)or any regulation prescribed or order issued under paragraph
(5)without prior approval of the Board. The procedures set forth in subsection (j)(1) shall apply to a notice pursuant to clause (i). The standards provided in subsection (j)(2) shall apply to a notice pursuant to clause (i). Solely for purposes of section 7A(c)(8) of the Clayton Act ( 15 U.S.C. 18a(c)(8) ), the transactions subject to the requirements of this paragraph shall be treated as if the approval of the Board is not required. . Section 4(j) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1843(j) ) is amended by striking paragraphs
(3)through (7). Section 163 of the Financial Stability Act of 2010 ( 12 U.S.C. 5363 ) is amended by striking subsection
(b)and inserting the following: A nonbank financial company supervised by the Board of Governors shall not acquire direct or indirect ownership or control of any voting shares of any company (other than an insured depository institution) that is engaged in activities described in section 4(k) of the Bank Holding Company Act of 1956 without providing written notice to the Board of Governors in advance of the transaction. The notice procedures set forth in section 4(j)(1) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1843(j)(1) ) shall apply to an acquisition of any company (other than an insured depository institution) by a nonbank financial company supervised by the Board of Governors, as described in paragraph (1), including any company engaged in activities described in section 4(k) of that Act. The standards provided in section 4(j)(2) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1843(j)(2) ) shall apply to an acquisition of any company (other than insured depository institution) by a nonbank financial company supervised by the Board of Governors, as described in paragraph (1). Solely for purposes of section 7A(c)(8) of the Clayton Act ( 15 U.S.C. 18a(c)(8) ), the transactions subject to the requirements of paragraph
(1)shall be treated as if Board of Governors approval is not required. . A direct or indirect investment by a U.S. banking organization in a foreign organization shall require the specific consent of the Board of Governors of the Federal Reserve System. Not later than 180 days after the date of enactment of this Act, the Board of Governors of the Federal Reserve System shall issue regulations implementing paragraph (1).
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