12 U.S.C. § 1820a — Examination of investment companies
submitted 27 years ago by Pub. L. 106-102 to r/title-12-BANKS-AND-BANKING · 320 words · no verdicts yet
This section generally gives the Securities and Exchange Commission exclusive authority to inspect or examine registered investment companies that are not bank holding companies or savings and loan holding companies. It requires the Commission to share examination information with Federal banking agencies and preserves the Corporation’s authority to examine an insured institution’s affiliates when necessary for insurance purposes.
(a) Exclusive Commission authority. Except as subsection (c) allows, a Federal banking agency may not inspect or examine a registered investment company that is not a bank* holding company or a savings and loan holding company.
(b) Examination results and other information. When a Federal banking agency asks, the Commission must give it examination results, reports, records, or other information about a registered investment company, to the extent the agency needs the information to carry out its legal responsibilities.
(c) Certain examinations authorized. This section does not stop the Corporation from examining an affiliate* of an insured depository institution when the Corporation finds the examination necessary to determine the institution’s condition for insurance purposes. The Corporation may do so under section 1820(b)(4), as needed to fully show the relationship between the institution and its affiliate and how that relationship affects the institution.
(d) Definitions. For this section: (1) “Bank holding company” has the meaning in section 1841. (2) “Commission” means the Securities and Exchange Commission. (3) “Corporation” means the Federal Deposit Insurance Corporation. (4) “Federal banking agency” has the meaning in section 1813(z). (5) “Insured depository institution” has the meaning in section 1813(c). (6) “Registered investment company” means an investment company registered with the Commission under the Investment Company Act of 1940. (7) “Savings and loan holding company” has the meaning in section 1467a(a)(1)(D).
Except as provided in subsection (c), a Federal banking agency may not inspect or examine any registered investment company that is not a bank* holding company or a savings and loan holding company.
The Commission shall provide to any Federal banking agency, upon request, the results of any examination, reports, records, or other information with respect to any registered investment company to the extent necessary for the agency to carry out its statutory responsibilities.
Nothing in this section shall prevent the Corporation, if the Corporation finds it necessary to determine the condition of an insured depository institution for insurance purposes, from examining an affiliate* of any insured depository institution, pursuant to its authority under section 1820(b)(4) of this title, as may be necessary to disclose fully the relationship between the insured depository institution and the affiliate, and the effect of such relationship on the insured depository institution.
For purposes of this section, the following definitions shall apply:
The term “bank holding company” has the meaning given the term in section 1841 of this title.
The term “Commission” means the Securities and Exchange Commission.
The term “Corporation” means the Federal Deposit Insurance Corporation.
The term “Federal banking agency” has the meaning given the term in section 1813(z) of this title.
The term “insured depository institution” has the meaning given the term in section 1813(c) of this title.
The term “registered investment company” means an investment company that is registered with the Commission under the Investment Company Act of 1940 [15 U.S.C. 80a–1 et seq.].
The term “savings and loan holding company” has the meaning given the term in section 1467a(a)(1)(D) of this title.
Source credit: (Pub. L. 106–102, title I, § 115, Nov. 12, 1999, 113 Stat. 1371.)
- 1999Enacted · Pub. L. 106-102 · 113 Stat. 1371
A history note hasn’t been published yet. The record shows enactment by Pub. L. 106-102 on 1999-11-12.
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