§5341 — Title 12 Banks and Banking | U.S. Code

Summary

Defines key words used in this part of the law. The Office and the Director refer to the Office of Financial Research and its head. Financial company has the same meaning as in subchapter II and also includes insured depository institutions and insurance companies. Data Center and Research and Analysis Center refer to the centers set up under section 5344. Financial transaction data describes how a financial contract is built and its legal terms, with enough detail to show each party’s rights and let someone value it independently. Position data is information about assets or liabilities on a financial company’s balance sheet that come from transactions and includes who the counterparties are, the company’s valuation, and details needed for an independent valuation. Financial contract is an agreement between two or more parties about future delivery of items of value. Financial instrument is a contract whose terms are public and whose roles can be reassigned without others’ consent (for example, publicly traded stock, government bonds, or exchange-traded futures and options).

Title 12, §5341

Banks and Banking — Source: USLM XML via OLRC

For purposes of this part—

(1)the terms “Office” and “Director” mean the Office of Financial Research established under this part and the Director thereof, respectively;

(2)the term “financial company” has the same meaning as in subchapter II, and includes an insured depository institution and an insurance company;

(3)the term “Data Center” means the data center established under section 5344 of this title;

(4)the term “Research and Analysis Center” means the research and analysis center established under section 5344 of this title;

(5)the term “financial transaction data” means the structure and legal description of a financial contract, with sufficient detail to describe the rights and obligations between counterparties and make possible an independent valuation;

(6)the term “position data”—

(A)means data on financial assets or liabilities held on the balance sheet of a financial company, where positions are created or changed by the execution of a financial transaction; and

(B)includes information that identifies counterparties, the valuation by the financial company of the position, and information that makes possible an independent valuation of the position;

(7)the term “financial contract” means a legally binding agreement between 2 or more counterparties, describing rights and obligations relating to the future delivery of items of intrinsic or extrinsic value among the counterparties; and

(8)the term “financial instrument” means a financial contract in which the terms and conditions are publicly available, and the roles of one or more of the counterparties are assignable without the consent of any of the other counterparties (including common stock of a publicly traded company, government bonds, or exchange traded futures and options contracts).

Notes & Related Subsidiaries

Editorial Notes

References in Text

Subchapter II, referred to in par. (2), was in the original “title II”, meaning title II of Pub. L. 111–203, July 21, 2010, 124 Stat. 1442, which is classified principally to subchapter II (§ 5381 et seq.) of this chapter. For complete classification of title II to the Code, see Tables.

§5341 Definitions

Summary

Title 12, §5341

Notes & Related Subsidiaries

Editorial Notes

References in Text

Citations & Metadata