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Can you summarize 9-B MERS Section 1226?
MERCHANT BANKS > Holding companies of merchant banks
Short Summary
This legal document pertains to holding companies of merchant banks. If a holding company does not control financial institutions other than a merchant bank or a nondepository trust company, it is not subject to the provisions of chapter 101, except for section 1013, subsection 1 and the application requirements of section 1015 relevant to section 1013, subsection 1. The superintendent may examine the holding company, including its subsidiaries and affiliates, to determine the soundness and viability of the merchant bank.
Whom does it apply to?
Holding companies of merchant banks
What does it govern?
Holding companies of merchant banks
What are exemptions?
If the holding company is not deemed to be a financial institution holding company under chapter 101 by virtue of controlling financial institutions other than a merchant bank or a nondepository trust company, a holding company of a merchant bank is not subject to the provisions of chapter 101, except for section 1013, subsection 1 and the application requirements of section 1015 relevant to section 1013, subsection 1.
What are the Penalties?
No penalties mentioned.
Jurisdiction
Maine