View all text of Part C [§ 5361 - § 5374]
§ 5367. Affiliations
(a) Affiliations
(b) Requirement
(1) In general
(A) Board authority
(B) Necessary actions
Notwithstanding subparagraph (A), the Board of Governors shall require a nonbank financial company supervised by the Board of Governors to establish an intermediate holding company if the Board of Governors makes a determination that the establishment of such intermediate holding company is necessary to—
(i) appropriately supervise activities that are determined to be financial in nature or incidental thereto; or
(ii) to 1
1 So in original. The word “to” probably should not appear.
ensure that supervision by the Board of Governors does not extend to the commercial activities of such nonbank financial company.(2) Internal financial activities
(3) Source of strength
(4) Parent company reports
(5) Limited parent company enforcement
(A) In general
(B) Application of other Act
(C) No effect on other authority
(c) Regulations
The Board of Governors—
(1) shall promulgate regulations to establish the criteria for determining whether to require a nonbank financial company supervised by the Board of Governors to establish an intermediate holding company under subsection (b); and
(2) may promulgate regulations to establish any restrictions or limitations on transactions between an intermediate holding company or a nonbank financial company supervised by the Board of Governors and its affiliates, as necessary to prevent unsafe and unsound practices in connection with transactions between such company, or any subsidiary thereof, and its parent company or affiliates that are not subsidiaries of such company, except that such regulations shall not restrict or limit any transaction in connection with the bona fide acquisition or lease by an unaffiliated person of assets, goods, or services.
(Pub. L. 111–203, title I, § 167, July 21, 2010, 124 Stat. 1432.)