Ask Reggi Your Question Now
Can you summarize 12 USC Chapter 17?
BANKS AND BANKING > BANK HOLDING COMPANIES
Short Summary
These legal documents govern various aspects related to bank holding companies, control over banks or companies, acquisition of bank shares or assets, ownership or control of voting shares of nonbanking companies, administration of bank holding companies, antitrust review in bank holding company transactions, securities holding companies, proprietary trading and ownership interests in hedge funds or private equity funds, and concentration limits on large financial firms. They apply to bank holding companies, banks, nonbanking companies, supervised securities holding companies, banking entities, and large financial firms. The documents provide definitions, criteria for determining control, exemptions for certain types of ownership or control, application process for approval, factors for consideration by the Board, provisions related to interstate banking, reporting and examination requirements, and powers of the Board to administer applications, examinations, and other proceedings. They also address the authority of State insurance regulators and the Securities and Exchange Commission in relation to bank holding companies. The penalties for non-compliance include criminal penalties, civil money penalties, and penalties for failure to make required reports. Specific exemptions are provided for certain activities and ownership structures. Overall, these documents aim to regulate and ensure compliance in the operations and activities of bank holding companies and related entities.
Whom does it apply to?
Bank holding companies, banks, nonbanking companies, supervised securities holding companies, banking entities, large financial firms
What does it govern?
Bank holding companies, control over banks or companies, acquisition of bank shares or assets, ownership or control of voting shares of nonbanking companies, administration of bank holding companies, antitrust review in bank holding company transactions, securities holding companies, proprietary trading and ownership interests in hedge funds or private equity funds, concentration limits on large financial firms
What are exemptions?
Fiduciary capacity, underwriting of securities, proxy solicitation, securing or collecting a debt, ownership or control of state-chartered banks or trust companies, ownership or control of one bank by a trust company or mutual savings bank, certain ownership structures, labor, agricultural, or horticultural organizations, specific activities
What are the Penalties?
Criminal penalties include imprisonment up to 5 years, fines up to $1,000,000 per day, or both. Civil money penalties include fines up to $25,000 per day. Failure to make required reports may result in penalties up to $20,000 per day or 1 percent of total assets, whichever is less.
Jurisdiction
U.S. Federal Government