3 SECTION 1.〓SHORT TITLE;TABLE OF CONTENTS. 2 SEC. 2.〓DEFINITIONS.2 SEC. 3.〓SEVERABILITY.10 SEC. 4.〓EFFECTIVE DATE.12 SEC. 5.〓BUDGETARY EFFECTS.12 SEC. 6.〓ANTITRUST SAVINGS CLAUSE.12
TITLE I—FINANCIAL STABILITY14 SEC. 101.〓SHORT TITLE.14 SEC. 102.〓DEFINITIONS.14 Subtitle A—Financial Stability Oversight Council18 SEC. 111.〓FINANCIAL STABILITY OVERSIGHT COUNCIL ESTABLISHED.18 SEC. 112.〓COUNCIL AUTHORITY.22 SEC. 113.〓AUTHORITY TO REQUIRE SUPERVISION AND REGULATION OF CERTAIN NONBANK FINANCIAL COMPANIES.30 SEC. 114.〓REGISTRATION OF NONBANK FINANCIAL COMPANIES SUPERVISED BY THE BOARD OF GOVERNORS.40 SEC. 115.〓ENHANCED SUPERVISION AND PRUDENTIAL STANDARDS FOR NONBANK FINANCIAL COMPANIES SUPERVISED BY THE BOARD OF GOVERNORS AND CERTAIN BANK HOLDING COMPANIES.40 SEC. 116.〓REPORTS.48 SEC. 117.〓TREATMENT OF CERTAIN COMPANIES THAT CEASE TO BE BANK HOLDING COMPANIES.48 SEC. 118.〓COUNCIL FUNDING.52 SEC. 119.〓RESOLUTION OF SUPERVISORY JURISDICTIONAL DISPUTES AMONG MEMBER AGENCIES.52 SEC. 120.〓ADDITIONAL STANDARDS APPLICABLE TO ACTIVITIES OR PRACTICES FOR FINANCIAL STABILITY PURPOSES.54 SEC. 121.〓MITIGATION OF RISKS TO FINANCIAL STABILITY.56 SEC. 122.〓GAO AUDIT OF COUNCIL.60 SEC. 123.〓STUDY OF THE EFFECTS OF SIZE AND COMPLEXITY OF FINANCIAL INSTITUTIONS ON CAPITAL MARKET EFFICIENCY AND ECONOMIC GROWTH.60 Subtitle B—Office of Financial Research62 SEC. 151.〓DEFINITIONS.62 SEC. 152.〓OFFICE OF FINANCIAL RESEARCH ESTABLISHED.64 SEC. 153.〓PURPOSE AND DUTIES OF THE OFFICE.68 SEC. 154.〓ORGANIZATIONAL STRUCTURE; RESPONSIBILITIES OF PRIMARY PROGRAMMATIC UNITS.72 SEC. 155.〓FUNDING.76 SEC. 156.〓TRANSITION OVERSIGHT.78 Subtitle C—Additional Board of Governors Authority for Certain Nonbank Financial Companies and Bank Holding Companies80 SEC. 161.〓REPORTS BY AND EXAMINATIONS OF NONBANK FINANCIAL COMPANIES BY THE BOARD OF GOVERNORS.80 SEC. 162.〓ENFORCEMENT.84 SEC. 163.〓ACQUISITIONS.84 SEC. 164.〓PROHIBITION AGAINST MANAGEMENT INTERLOCKS BETWEEN CERTAIN FINANCIAL COMPANIES.86 SEC. 165.〓ENHANCED SUPERVISION AND PRUDENTIAL STANDARDS FOR NONBANK FINANCIAL COMPANIES SUPERVISED BY THE BOARD OF GOVERNORS AND CERTAIN BANK HOLDING COMPANIES.88 SEC. 166.〓EARLY REMEDIATION REQUIREMENTS.108 SEC. 167.〓AFFILIATIONS.108 SEC. 168.〓REGULATIONS.112 SEC. 169.〓AVOIDING DUPLICATION.112 SEC. 170.〓SAFE HARBOR.114 SEC. 171.〓LEVERAGE AND RISK-BASED CAPITAL REQUIREMENTS.114 SEC. 172.〓EXAMINATION AND ENFORCEMENT ACTIONS FOR INSURANCE AND ORDERLY LIQUIDATION PURPOSES.122 SEC. 173.〓ACCESS TO UNITED STATES FINANCIAL MARKET BY FOREIGN INSTITUTIONS.124 SEC. 174.〓STUDIES AND REPORTS ON HOLDING COMPANY CAPITAL REQUIREMENTS.126 SEC. 175.〓INTERNATIONAL POLICY COORDINATION.130 SEC. 176.〓RULE OF CONSTRUCTION.130
TITLE II—ORDERLY LIQUIDATION AUTHORITY132 SEC. 201.〓DEFINITIONS.132 SEC. 202.〓JUDICIAL REVIEW.136 SEC. 203.〓SYSTEMIC RISK DETERMINATION.148 SEC. 204.〓ORDERLY LIQUIDATION OF COVERED FINANCIAL COMPANIES.158 SEC. 205.〓ORDERLY LIQUIDATION OF COVERED BROKERS AND DEALERS.162 SEC. 206.〓MANDATORY TERMS AND CONDITIONS FOR ALL ORDERLY LIQUIDATION ACTIONS.168 SEC. 207.〓DIRECTORS NOT LIABLE FOR ACQUIESCING IN APPOINTMENT OF RECEIVER.168 SEC. 208.〓DISMISSAL AND EXCLUSION OF OTHER ACTIONS.168 SEC. 209.〓RULEMAKING;NON-CONFLICTING LAW.170 SEC. 210.〓POWERS AND DUTIES OF THE CORPORATION.170 SEC. 211.〓MISCELLANEOUS PROVISIONS.284 SEC. 212.〓PROHIBITION OF CIRCUMVENTION AND PREVENTION OF CONFLICTS OF INTEREST.290 SEC. 213.〓BAN ON CERTAIN ACTIVITIES BY SENIOR EXECUTIVES AND DIRECTORS.290 SEC. 214.〓PROHIBITION ON TAXPAYER FUNDING.292 SEC. 215.〓STUDY ON SECURED CREDITOR HAIRCUTS.294 SEC. 216.〓STUDY ON BANKRUPTCY PROCESS FOR FINANCIAL AND NONBANK FINANCIAL INSTITUTIONS.294 SEC. 217.〓STUDY ON INTERNATIONAL COORDINATION RELATING TO BANKRUPTCY PROCESS FOR NONBANK FINANCIAL INSTITUTIONS.296
TITLE III—TRANSFER OF POWERS TO THE COMPTROLLER OF THE CURRENCY,THE CORPORATION,AND THE BOARD OF GOVERNORS298
SEC. 300.〓SHORT TITLE.298 SEC. 301.〓PURPOSES.298 SEC. 302.〓DEFINITION.298 Subtitle A—Transfer of Powers and Duties298 SEC. 311.〓TRANSFER DATE.298 SEC. 312.〓POWERS AND DUTIES TRANSFERRED.300 SEC. 313.〓ABOLISHMENT.304 SEC. 314.〓AMENDMENTS TO THE REVISED STATUTES.304 SEC. 315.〓FEDERAL INFORMATION POLICY.306 SEC. 316.〓SAVINGS PROVISIONS.306 SEC. 317.〓REFERENCES IN FEDERAL LAW TO FEDERAL BANKING AGENCIES.312 SEC. 318.〓FUNDING.312 SEC. 319.〓CONTRACTING AND LEASING AUTHORITY.316 Subtitle B—Transitional Provisions316 SEC. 321.〓INTERIM USE OF FUNDS,PERSONNEL,AND PROPERTY OF THE OFFICE OF THRIFT SUPERVISION.316 SEC. 322.〓TRANSFER OF EMPLOYEES.318 SEC. 323.〓PROPERTY TRANSFERRED.332 SEC. 324.〓FUNDS TRANSFERRED.334 SEC. 325.〓DISPOSITION OF AFFAIRS.334 SEC. 326.〓CONTINUATION OF SERVICES. 336 SEC. 327.〓IMPLEMENTATION PLAN AND REPORTS.336 Subtitle C—Federal Deposit Insurance Corporation338 SEC. 331.〓DEPOSIT INSURANCE REFORMS.338 SEC. 332.〓ELIMINATION OF PROCYCLICAL ASSESSMENTS.340 SEC. 333.〓ENHANCED ACCESS TO INFORMATION FOR DEPOSIT INSURANCE PURPOSES.340 SEC. 334.〓TRANSITION RESERVE RATIO REQUIREMENTS TO REFLECT NEW ASSESSMENT BASE.342 SEC. 335.〓PERMANENT INCREASE IN DEPOSIT AND SHARE INSURANCE.342 SEC. 336.〓MANAGEMENT OF THE FEDERAL DEPOSIT INSURANCE CORPORATION.344 Subtitle D—Other Matters344 SEC. 341.〓BRANCHING.344 SEC. 342.〓OFFICE OF MINORITY AND WOMEN INCLUSION.346 SEC. 343.〓INSURANCE OF TRANSACTION ACCOUNTS.352 Subtitle E—Technical and Conforming Amendments358 SEC. 351.〓EFFECTIVE DATE.358 SEC. 352.〓BALANCED BUDGET AND EMERGENCY DEFICIT CONTROL ACT OF 1985.358 SEC. 353.〓BANK ENTERPRISE ACT OF 1991.358 SEC. 354.〓BANK HOLDING COMPANY ACT OF 1956.358 SEC. 355.〓BANK HOLDING COMPANY ACT AMENDMENTS OF 1970.360 SEC. 356.〓BANK PROTECTION ACT OF 1968.360 SEC. 357.〓BANK SERVICE COMPANY ACT.362 SEC. 358.〓COMMUNITY REINVESTMENT ACT OF 1977.362 SEC. 359.〓CRIME CONTROL ACT OF 1990.362 SEC. 360.〓DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS ACT.364 SEC. 361.〓EMERGENCY HOMEOWNERS’ RELIEF ACT.366 SEC. 362.〓FEDERAL CREDIT UNION ACT.366 SEC. 363.〓FEDERAL DEPOSIT INSURANCE ACT.366 SEC. 364.〓FEDERAL HOME LOAN BANK ACT.378 SEC. 365.〓FEDERAL HOUSING ENTERPRISES FINANCIAL SAFETY AND SOUNDNESS ACT OF 1992.378 SEC. 366.〓FEDERAL RESERVE ACT.380 SEC. 367.〓FINANCIAL INSTITUTIONS REFORM,RECOVERY,AND ENFORCEMENT ACT OF 1989.380 SEC. 368.〓FLOOD DISASTER PROTECTION ACT OF 1973.382 SEC. 369.〓HOME OWNERS’ LOAN ACT.384 SEC. 370.〓HOUSING ACT OF 1948.400 SEC. 371.〓HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1992.400 SEC. 372.〓HOUSING AND URBAN-RURAL RECOVERY ACT OF 1983.400 SEC. 373.〓NATIONAL HOUSING ACT.402 SEC. 374.〓NEIGHBORHOOD REINVESTMENT CORPORATION ACT.402 SEC. 375.〓PUBLIC LAW 93-100.402 SEC. 376.〓SECURITIES EXCHANGE ACT OF 1934.402 SEC. 377.〓TITLE 18,UNITED STATES CODE.408 SEC. 378.〓TITLE 31,UNITED STATES CODE.410
TITLE IV—REGULATION OF ADVISERS TO HEDGE FUNDS AND OTHERS412 SEC. 401.〓SHORT TITLE.412 SEC. 402.〓DEFINITIONS.412 SEC. 403.〓ELIMINATION OF PRIVATE ADVISER EXEMPTION;LIMITED EXEMPTION FOR FOREIGN PRIVATE ADVISERS;LIMITED INTRASTATE EXEMPTION.414 SEC. 404.〓COLLECTION OF SYSTEMIC RISK DATA;REPORTS; EXAMINATIONS;DISCLOSURES.416 SEC. 405.〓DISCLOSURE PROVISION AMENDMENT.420 SEC. 406.〓CLARIFICATION OF RULEMAKING AUTHORITY.420 SEC. 407.〓EXEMPTION OF AND REPORTING BY VENTURE CAPITAL FUND ADVISERS.422 SEC. 408.〓EXEMPTION OF AND REPORTING BY CERTAIN PRIVATE FUND ADVISERS.422 SEC. 409.〓FAMILY OFFICES.424 SEC. 410.〓STATE AND FEDERAL RESPONSIBILITIES;ASSET THRESHOLD FOR FEDERAL REGISTRATION OF INVESTMENT ADVISERS.426 SEC. 411.〓CUSTODY OF CLIENT ASSETS.426 SEC. 412.〓COMPTROLLER GENERAL STUDY ON CUSTODY RULE COSTS.428 SEC. 413.〓ADJUSTING THE ACCREDITED INVESTOR STANDARD.428 SEC. 414.〓RULE OF CONSTRUCTION RELATING TO THE COMMODITIES EXCHANGE ACT.430 SEC. 415.〓GAO STUDY AND REPORT ON ACCREDITED INVESTORS.430 SEC. 416.〓GAO STUDY ON SELF-REGULATORY ORGANIZATION FOR PRIVATE FUNDS.430 SEC. 417.〓COMMISSION STUDY AND REPORT ON SHORT SELLING.432 SEC. 418.〓QUALIFIED CLIENT STANDARD.432 SEC. 419.〓TRANSITION PERIOD.432
TITLE V—INSURANCE436 Subtitle A—Federal Insurance Office436 SEC. 501.〓SHORT TITLE.436 SEC. 502.〓FEDERAL INSURANCE OFFICE.436 Subtitle B—State-Based Insurance Reform456 SEC. 511.〓SHORT TITLE.456 SEC. 512.〓EFFECTIVE DATE.456 PART I—NONADMITTED INSURANCE456 SEC. 521.〓REPORTING,PAYMENT,AND ALLOCATION OF PREMIUM TAXES.456 SEC. 522.〓REGULATION OF NONADMITTED INSURANCE BY INSURED’S HOME STATE.458 SEC. 523.〓PARTICIPATION IN NATIONAL PRODUCER DATABASE.458 SEC. 524.〓UNIFORM STANDARDS FOR SURPLUS LINES ELIGIBILITY.460 SEC. 525.〓STREAMLINED APPLICATION FOR COMMERCIAL PURCHASERS.460 SEC. 526.〓GAO STUDY OF NONADMITTED INSURANCE MARKET.460 SEC. 527.〓DEFINITIONS.462 PART II—REINSURANCE468 SEC. 531.〓REGULATION OF CREDIT FOR REINSURANCE AND REINSURANCE AGREEMENTS.468 SEC. 532.〓REGULATION OF REINSURER SOLVENCY.470 SEC. 533.〓DEFINITIONS.470 PART III—RULE OF CONSTRUCTION472 SEC. 541.〓RULE OF CONSTRUCTION.472 SEC. 542.〓SEVERABILITY.472
TITLE VI—IMPROVEMENTS TO REGULATION OF BANK AND SAVINGS ASSOCIATION HOLDING COMPANIES AND DEPOSITORY INSTITUTIONS474
SEC. 601.〓SHORT TITLE.474 SEC. 602.〓DEFINITION.474 SEC. 603.〓MORATORIUM AND STUDY ON TREATMENT OF CREDIT CARD BANKS,INDUSTRIAL LOAN COMPANIES,AND CERTAIN OTHER COMPANIES UNDER THE BANK HOLDING COMPANY ACT OF 1956.474 SEC. 604.〓REPORTS AND EXAMINATIONS OF HOLDING COMPANIES; REGULATION OF FUNCTIONALLY REGULATED SUBSIDIARIES.480 SEC. 605.〓ASSURING CONSISTENT OVERSIGHT OF PERMISSIBLE ACTIVITIES OF DEPOSITORY INSTITUTION SUBSIDIARIES OF HOLDING COMPANIES.490 SEC. 606.〓REQUIREMENTS FOR FINANCIAL HOLDING COMPANIES TO REMAIN WELL CAPITALIZED AND WELL MANAGED.496 SEC. 607.〓STANDARDS FOR INTERSTATE ACQUISITIONS.498 SEC. 608.〓ENHANCING EXISTING RESTRICTIONS ON BANK TRANSACTIONS WITH AFFILIATES.498
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