§ 354.2. Definitions.
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/us/cfr/t12/s§ 354.2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Unless defined in this section, terms shall have the meaning given to them in section 3 of the FDI Act. Control means the power, directly or indirectly, to direct the management or policies of a company or to vote 25 percent or more of any class of voting securities of a company, and includes the rebuttable presumptions of control at § 303.82(b)(1) of this chapter and of acting in concert at § 303.82(b)(2) of this chapter. For purposes of this part, the presumptions set forth in § 303.82(b)(1) and
(2)of this chapter shall apply with respect to any company in the same manner and to the same extent as if they applied to an acquisition of securities of the company. Covered Company means any company that is not subject to Federal consolidated supervision by the FRB and that controls an industrial bank:
(1)As a result of a change in bank control pursuant to section 7(j) of the FDI Act;
(2)As a result of a merger transaction pursuant to section 18(c) of the FDI Act; or
(3)That is granted deposit insurance by the FDIC pursuant to section 6 of the FDI Act, in each case on or after April 1, 2021. FDI Act means the Federal Deposit Insurance Act, 12 U.S.C. 1811, et seq. Filing has the meaning given to it in § 303.2(s) of this chapter. FRB means the Board of Governors of the Federal Reserve System and each Federal Reserve Bank. Industrial bank means any insured State bank that is an industrial bank, industrial loan company, or other similar institution that is excluded from the definition of the term “bank” in section 2(c)(2)(H) of the Bank Holding Company Act, 12 U.S.C. 1841(c)(2)(H). Senior executive officer has the meaning given it in § 303.101(b) of this chapter.
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