§ 5301. Definitions

2,739 words·~12 min read·/usc/title-12/section-5301

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As used in this Act, the following definitions shall apply, except as the context otherwise requires or as otherwise specifically provided in this Act:

(1)Affiliate The term “affiliate” has the same meaning as in section 1813 of this title.

(2)Appropriate Federal banking agency On and after the transfer date, the term “appropriate Federal banking agency” has the same meaning as in section 1813(q) of this title, as amended by title III.1

(3)Board of Governors The term “Board of Governors” means the Board of Governors of the Federal Reserve System.

(4)Bureau The term “Bureau” means the Bureau of Consumer Financial Protection established under title X.1

(5)Commission The term “Commission” means the Securities and Exchange Commission, except in the context of the Commodity Futures Trading Commission.

(6)Commodity futures terms The terms “futures commission merchant”, “swap”, “swap dealer”, “swap execution facility”, “derivatives clearing organization”, “board of trade”, “commodity trading advisor”, “commodity pool”, and “commodity pool operator” have the same meanings as given the terms in section 1a of the Commodity Exchange Act (7 U.S.C. 1 et seq.) [7 U.S.C. 1a].

(7)Corporation The term “Corporation” means the Federal Deposit Insurance Corporation.

(8)Council The term “Council” means the Financial Stability Oversight Council established under subchapter I.

(9)Credit union The term “credit union” means a Federal credit union, State credit union, or State-chartered credit union, as those terms are defined in section 1752 of this title.

(10)Federal banking agency The term—

(A)“Federal banking agency” means, individually, the Board of Governors, the Office of the Comptroller of the Currency, and the Corporation; and

(B)“Federal banking agencies” means all of the agencies referred to in subparagraph (A), collectively.

(11)Functionally regulated subsidiary The term “functionally regulated subsidiary” has the same meaning as in section 1844(c)(5) of this title.

(12)Primary financial regulatory agency The term “primary financial regulatory agency” means—

(A)the appropriate Federal banking agency, with respect to institutions described in section 1813(q) of this title, except to the extent that an institution is or the activities of an institution are otherwise described in subparagraph (B), (C), (D), or (E);

(B)the Securities and Exchange Commission, with respect to—

(i)any broker or dealer that is registered with the Commission under the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.], with respect to the activities of the broker or dealer that require the broker or dealer to be registered under that Act;

(ii)any investment company that is registered with the Commission under the Investment Company Act of 1940 [15 U.S.C. 80a–1 et seq.], with respect to the activities of the investment company that require the investment company to be registered under that Act;

(iii)any investment adviser that is registered with the Commission under the Investment Advisers Act of 1940 [15 U.S.C. 80b–1 et seq.], with respect to the investment advisory activities of such company and activities that are incidental to such advisory activities;

(iv)any clearing agency registered with the Commission under the Securities Exchange Act of 1934, with respect to the activities of the clearing agency that require the agency to be registered under such Act;

(v)any nationally recognized statistical rating organization registered with the Commission under the Securities Exchange Act of 1934;

(vi)any transfer agent registered with the Commission under the Securities Exchange Act of 1934;

(vii)any exchange registered as a national securities exchange with the Commission under the Securities Exchange Act of 1934;

(viii)any national securities association registered with the Commission under the Securities Exchange Act of 1934;

(ix)any securities information processor registered with the Commission under the Securities Exchange Act of 1934;

(x)the Municipal Securities Rulemaking Board established under the Securities Exchange Act of 1934;

(xi)the Public Company Accounting Oversight Board established under the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7211 et seq.);

(xii)the Securities Investor Protection Corporation established under the Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa et seq.); and

(xiii)any security-based swap execution facility, security-based swap data repository, security-based swap dealer or major security-based swap participant registered with the Commission under the Securities Exchange Act of 1934, with respect to the security-based swap activities of the person that require such person to be registered under such Act;

(C)the Commodity Futures Trading Commission, with respect to—

(i)any futures commission merchant registered with the Commodity Futures Trading Commission under the Commodity Exchange Act (7 U.S.C. 1 et seq.), with respect to the activities of the futures commission merchant that require the futures commission merchant to be registered under that Act;

(ii)any commodity pool operator registered with the Commodity Futures Trading Commission under the Commodity Exchange Act (7 U.S.C. 1 et seq.), with respect to the activities of the commodity pool operator that require the commodity pool operator to be registered under that Act, or a commodity pool, as defined in that Act;

(iii)any commodity trading advisor or introducing broker registered with the Commodity Futures Trading Commission under the Commodity Exchange Act (7 U.S.C. 1 et seq.), with respect to the activities of the commodity trading advisor or introducing broker that require the commodity trading adviser or introducing broker to be registered under that Act;

(iv)any derivatives clearing organization registered with the Commodity Futures Trading Commission under the Commodity Exchange Act (7 U.S.C. 1 et seq.), with respect to the activities of the derivatives clearing organization that require the derivatives clearing organization to be registered under that Act;

(v)any board of trade designated as a contract market by the Commodity Futures Trading Commission under the Commodity Exchange Act (7 U.S.C. 1 et seq.);

(vi)any futures association registered with the Commodity Futures Trading Commission under the Commodity Exchange Act (7 U.S.C. 1 et seq.);

(vii)any retail foreign exchange dealer registered with the Commodity Futures Trading Commission under the Commodity Exchange Act (7 U.S.C. 1 et seq.), with respect to the activities of the retail foreign exchange dealer that require the retail foreign exchange dealer to be registered under that Act;

(viii)any swap execution facility, swap data repository, swap dealer, or major swap participant registered with the Commodity Futures Trading Commission under the Commodity Exchange Act (7 U.S.C. 1 et seq.) with respect to the swap activities of the person that require such person to be registered under that Act; and

(ix)any registered entity under the Commodity Exchange Act (7 U.S.C. 1 et seq.), with respect to the activities of the registered entity that require the registered entity to be registered under that Act;

(D)the State insurance authority of the State in which an insurance company is domiciled, with respect to the insurance activities and activities that are incidental to such insurance activities of an insurance company that is subject to supervision by the State insurance authority under State insurance law; and

(E)the Federal Housing Finance Agency, with respect to Federal Home Loan Banks or the Federal Home Loan Bank System, and with respect to the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation.

(13)Prudential standards The term “prudential standards” means enhanced supervision and regulatory standards developed by the Board of Governors under section 5365 of this title.

(14)Secretary The term “Secretary” means the Secretary of the Treasury.

(15)Securities terms The—

(A)terms “broker”, “dealer”, “issuer”, “nationally recognized statistical rating organization”, “security”, and “securities laws” have the same meanings as in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c);

(B)term “investment adviser” has the same meaning as in section 202 of the Investment Advisers Act of 1940 (15 U.S.C. 80b–2); and

(C)term “investment company” has the same meaning as in section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a–3).

(16)State The term “State” means any State, commonwealth, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, American Samoa, Guam, or the United States Virgin Islands.

(17)Transfer date The term “transfer date” means the date established under section 5411 of this title.

(18)Other incorporated definitions

(A)Federal Deposit Insurance Act The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title.

(B)Holding companies The term—

(i)“bank holding company” has the same meaning as in section 1841 of this title;

(ii)“financial holding company” has the same meaning as in section 1841(p) of this title; and

(iii)“savings and loan holding company” has the same meaning as in section 1467a(a) of this title.

(Pub. L. 111–203, § 2, July 21, 2010, 124 Stat. 1386.)