United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2001_register executive 2010-09-23 article Part II Rules and Regulations D09002ee1c81e664b D09002ee1c81e6727 United States Federal Reserve System originator org United States Government Agency or Subagency United States Department of the Treasury originator org United States Government Agency or Subagency United States Office of the Under Secretary for Domestic Finance originator org United States Government Agency or Subagency The Board of Governors of the Federal Reserve System and the Secretary of the Treasury jointly adopt this final rule governing merchant banking investments made by financial holding companies. The rule implements provisions of the Gramm-Leach-Bliley Act that permit financial holding companies to make investments as part of a bona fide securities underwriting or merchant or investment banking activity. The Board and the Secretary have incorporated a number of amendments to the final rule to address issues raised by public commenters, to reduce potential regulatory burdens, and to clarify the application of the rule. These changes include expanding the definition of "securities affiliate" to include a department or division of a bank registered as a municipal securities dealer; modifying the provisions defining prohibited routine management and operation of portfolio companies; adopting a sunset provision for the investment thresholds under the interim rule and eliminating the dollar-based threshold for the review of a financial holding company's merchant banking activities; streamlining the rule's reporting and recordkeeping requirements; broadening the definition of "private equity" funds and clarifying the rule's application to such funds; and adopting several safe-harbors to the presumptions in the rule governing the definition of affiliate for purposes of sections 23A and 23B of the Federal Reserve Act. 66 FR 8466 https://www.govinfo.gov/app/details/FR-2001-01-31/01-1305 01-1305 fr31ja01-15 RIN 1505-AA78 Regulation Y Docket No. R-1065 https://www.govinfo.gov/app/details/FR-2001-01-31/01-1305 https://www.govinfo.gov/content/pkg/FR-2001-01-31/html/01-1305.htm https://www.govinfo.gov/content/pkg/FR-2001-01-31/pdf/01-1305.pdf Administrative Practice and Procedure Banks Banking Federal Reserve System Holding Companies Reporting and Recordkeeping Requirements Securities 28 p. 8466 8493 66 FR 8466 Title 12 Part 1500 12 CFR Part 1500 Title 12 Part 225 12 CFR Part 225 RIN 1505-AA78 Bank Holding Companies and Change in Bank Control; Federal Register Vol. 66, Issue RULE 01-1305 II FEDERAL RESERVE SYSTEM DEPARTMENT OF THE TREASURY Office of the Under Secretary for Domestic Finance 2001-02-15 Regulation Y Docket No. R-1065 01-1305 Final rule.

The Board of Governors of the Federal Reserve System and the Secretary of the Treasury jointly adopt this final rule governing merchant banking investments made by financial holding companies. The rule implements provisions of the Gramm-Leach-Bliley Act that permit financial holding companies to make investments as part of a bona fide securities underwriting or merchant or investment banking activity. The Board and the Secretary have incorporated a number of amendments to the final rule to address issues raised by public commenters, to reduce potential regulatory burdens, and to clarify the application of the rule. These changes include expanding the definition of "securities affiliate" to include a department or division of a bank registered as a municipal securities dealer; modifying the provisions defining prohibited routine management and operation of portfolio companies; adopting a sunset provision for the investment thresholds under the interim rule and eliminating the dollar-based threshold for the review of a financial holding company's merchant banking activities; streamlining the rule's reporting and recordkeeping requirements; broadening the definition of "private equity" funds and clarifying the rule's application to such funds; and adopting several safe-harbors to the presumptions in the rule governing the definition of affiliate for purposes of sections 23A and 23B of the Federal Reserve Act.

The final rule is effective February 15, 2001. Board of Governors: Scott G. Alvarez, Associate General Counsel (202/452-3583), Kieran J. Fallon, Senior Counsel (202/452-5270), or Camille M. Caesar, Counsel (202/452-3513), Legal Division; Jean Nellie Liang, Chief, Capital Markets (202/452-2918), Division of Research & Statistics; Michael G. Martinson, Deputy Associate Director (202/452- 3640) or James A. Embersit, Manager, Capital Markets (202/452-5249), Division of Banking Supervision and Regulation; Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, N.W., Washington, D.C. 20551. Users of Telecommunications Device for the Deaf (TDD) only contact Janice Simms at (202) 872-4984. Administrative Practice and Procedure Banks Banking Federal Reserve System Holding Companies Reporting and Recordkeeping Requirements Securities Bank holding companies and change in bank control (Regulation Y): Merchant banking investments, Vol. 66, no. 21 Office of the Federal Register, National Archives and Records Administration 2001-01-31 continuing daily deposited born digital 154 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2001-01-31 P0b002ee18099d7cd 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr31ja01 https://www.govinfo.gov/app/details/FR-2001-01-31 https://www.govinfo.gov/content/pkg/FR-2001-01-31/pdf/FR-2001-01-31.pdf https://www.govinfo.gov/content/pkg/FR-2001-01-31/xml/FR-2001-01-31.xml fdlp 8357 8500 DGPO 2010-09-23 2024-06-08 FR-2001-01-31 machine generated eng FR FR-2001-01-31 66 21