§1820a — Title 12 Banks and Banking | U.S. Code

Summary

Federal banking agencies may not examine a registered investment company unless that company is a bank holding company or a savings-and‑loan holding company. The Securities and Exchange Commission must give any federal banking agency, on request, exam results, reports, records, or other information about a registered investment company when the agency needs it. The FDIC may still examine an affiliate of an insured bank to check the bank for insurance purposes under section 1820(b)(4). Definitions: bank holding company (see section 1841); Commission = Securities and Exchange Commission; Corporation = Federal Deposit Insurance Corporation; Federal banking agency (see section 1813(z)); insured depository institution (see section 1813(c)); registered investment company = an investment company registered under the Investment Company Act of 1940; savings and loan holding company (see section 1467a(a)(1)(D)).

Title 12, §1820a

Banks and Banking — Source: USLM XML via OLRC

(a)Except as provided in subsection (c), a Federal banking agency may not inspect or examine any registered investment company that is not a bank holding company or a savings and loan holding company.

(b)The Commission shall provide to any Federal banking agency, upon request, the results of any examination, reports, records, or other information with respect to any registered investment company to the extent necessary for the agency to carry out its statutory responsibilities.

(c)Nothing in this section shall prevent the Corporation, if the Corporation finds it necessary to determine the condition of an insured depository institution for insurance purposes, from examining an affiliate of any insured depository institution, pursuant to its authority under section 1820(b)(4) of this title, as may be necessary to disclose fully the relationship between the insured depository institution and the affiliate, and the effect of such relationship on the insured depository institution.

(d)For purposes of this section, the following definitions shall apply:

(1)The term “bank holding company” has the meaning given the term in section 1841 of this title.

(2)The term “Commission” means the Securities and Exchange Commission.

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

(4)The term “Federal banking agency” has the meaning given the term in section 1813(z) of this title.

(5)The term “insured depository institution” has the meaning given the term in section 1813(c) of this title.

(6)The term “registered investment company” means an investment company that is registered with the Commission under the Investment Company Act of 1940 [15 U.S.C. 80a–1 et seq.].

(7)The term “savings and loan holding company” has the meaning given the term in section 1467a(a)(1)(D) of this title.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Investment Company Act of 1940, referred to in subsec. (d)(6), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 80a–51 of Title 15 and Tables. Codification Section was enacted as part of the Gramm-Leach-Bliley Act, and not as part of the Federal Deposit Insurance Act which comprises this chapter.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective 120 days after Nov. 12, 1999, see section 161 of Pub. L. 106–102, set out as an

Effective Date

of 1999 Amendment note under section 24 of this title.

§1820a Examination of investment companies

Summary

Title 12, §1820a

Notes & Related Subsidiaries

Editorial Notes

References in Text

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Citations & Metadata