12 U.S.C. § 5462 - Definitions

Cite as:12 U.S.C. § 5462
Currency:Current through P.L. 116-158 (08/14/2020)
 
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In this subchapter, the following definitions shall apply:

(1) Appropriate financial regulator

The term "appropriate financial regulator" means-

(A) the primary financial regulatory agency, as defined in section 5301 of this title;

(B) the National Credit Union Administration, with respect to any insured credit union under the Federal Credit Union Act ( 12 U.S.C. 1751 et seq.); and

(C) the Board of Governors, with respect to organizations operating under section 25A of the Federal Reserve Act ( 12 U.S.C. 611 ), and any other financial institution engaged in a designated activity.

(2) Designated activity

The term "designated activity" means a payment, clearing, or settlement activity that the Council has designated as systemically important under section 5463 of this title.

(3) Designated clearing entity

The term "designated clearing entity" means a designated financial market utility that is a derivatives clearing organization registered under section 5b of the Commodity Exchange Act ( 7 U.S.C. 7a-1 ) or a clearing agency registered with the Securities and Exchange Commission under section 17A of the Securities Exchange Act of 1934 ( 15 U.S.C. 78q-1 ).

(4) Designated financial market utility

The term "designated financial market utility" means a financial market utility that the Council has designated as systemically important under section 5463 of this title.

(5) Financial institution

(A) In general

The term "financial institution" means-

(i) a depository institution, as defined in section 1813 of this title;

(ii) a branch or agency of a foreign bank, as defined in section 3101 of this title;

(iii) an organization operating under section 25 or 25A of the Federal Reserve Act ( 12 U.S.C. 601-604a and 611 through 631 );

(iv) a credit union, as defined in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ); 1

(v) a broker or dealer, as defined in section 3 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c );

(vi) an investment company, as defined in section 80a-3 of title 15;

(vii) an insurance company, as defined in section 80a-2 of title 15;

(viii) an investment adviser, as defined in section 80b-2 of title 15;

(ix) a futures commission merchant, commodity trading advisor, or commodity pool operator, as defined in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1a ); and

(x) any company engaged in activities that are financial in nature or incidental to a financial activity, as described in section 4 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1843(k) ).

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