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12 U.S.C. § 1820a — Examination of investment companies

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1820a — Examination of investment companies

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Stable record: federal_law:legal_authorities:record_usc_1a88564b374bf688947cfd38
Source file: Laws/federal/codes/united-states-code/title-12/section-1820a-examination-of-investment-companies--930669df87.md
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Source location: Title 12, Chapter 16, § 1820a; chapter-016-federal-deposit-insurance-corporation.md

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**(a) Exclusive Commission authority** 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. **(b) Examination results and other information** 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. **(c) Certain examinations authorized** 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1820/b/4&num=0&edition=prelim), 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. **(d) Definitions** For purposes of this section, the following definitions shall apply: (1) **Bank holding company** — The term “bank holding company” has the meaning given the term in [section 1841 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim). (2) **Commission** — The term “Commission” means the Securities and Exchange Commission. (3) **Corporation** — The term “Corporation” means the Federal Deposit Insurance Corporation. (4) **Federal banking agency** — The term “Federal banking agency” has the meaning given the term in [section 1813(z) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/z&num=0&edition=prelim). (5) **Insured depository institution** — The term “insured depository institution” has the meaning given the term in [section 1813(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/c&num=0&edition=prelim). (6) **Registered investment company** — 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–1&num=0&edition=prelim) et seq.]. (7) **Savings and loan holding company** — The term “savings and loan holding company” has the meaning given the term in [section 1467a(a)(1)(D) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1467a/a/1/D&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 80a–1 — Findings and declaration of policy

**(a) Findings** Upon the basis of facts disclosed by the record and reports of the Securities and Exchange Commission made pursuant to section 79z–4 11 See References in Text note below. of this title, and facts otherwise disclosed and ascertained, it is found that investment companies are affected with a national public interest in that, among other things— (1) the securities issued by such companies, which constitute a substantial part of all securities publicly offered, are distributed, purchased, paid for, exchanged, transferred, redeemed, and repurchased by use of the mails and means and instrumentalities of interstate commerce, and in the case of the numerous companies which issue redeemable securities this process of distribution and redemption is continuous; (2) the principal activities of such companies—investing, reinvesting, and trading in securities—are conducted by use of the mails and means and instrumentalities of interstate commerce, including the facilities of national securities exchanges, and constitute a substantial part of all transactions effected in the securities markets of the Nation; (3) such companies customarily invest and trade in securities issued by, and may dominate and control or otherwise affect the policies and management of, companies engaged in business in interstate commerce; (4) such companies are media for the investment in the national economy of a substantial part of the national savings and may have a vital effect upon the flow of such savings into the capital markets; and (5) the activities of such companies, extending over many States, their use of the instrumentalities of interstate commerce and the wide geographic distribution of their security holders, make difficult, if not impossible, effective State regulation of

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 80a–51 — Short title

This subchapter may be cited as the “Investment Company Act of 1940”.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 24 — Corporate powers of associations

Upon duly making and filing articles of association and an organization certificate a national banking association shall become, as from the date of the execution of its organization certificate, a body corporate, and as such, and in the name designated in the organization certificate, it shall have power—

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1841 — Definitions

**(a)** (1) Except as provided in paragraph (5) of this subsection, “bank holding company” means any company which has control over any bank or over any company that is or becomes a bank holding company by virtue of this chapter. (2) Any company has control over a bank or over any company if— (A) the company directly or indirectly or acting through one or more other persons owns, controls, or has power to vote 25 per centum or more of any class of voting securities of the bank or company; (B) the company controls in any manner the election of a majority of the directors or trustees of the bank or company; or (C) the Board determines, after notice and opportunity for hearing, that the company directly or indirectly exercises a controlling influence over the management or policies of the bank or company. (3) For the purposes of any proceeding under paragraph (2)(C) of this subsection, there is a presumption that any company which directly or indirectly owns, controls, or has power to vote less than 5 per centum of any class of voting securities of a given bank or company does not have control over that bank or company. (4) In any administrative or judicial proceeding under this chapter, other than a proceeding under paragraph (2)(C) of this subsection, a company may not be held to have had control over any given bank or company at any given time unless that company, at the time in question, directly or indirectly owned, controlled, or had power to vote 5 per centum or more of any class of voting securities of the bank or company, or had already been found to have control in a proceeding under paragraph (2)(C). (5) Notwithstanding any other provision of this subsection— (A) No bank and no company owning or controlling voting shares of a bank is a bank hold

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1820a — Examination of investment companies

Page 1039 TITLE 12—BANKS AND BANKING § 1820a EFFECTIVE DATE OF 1992 AMENDMENTS Amendment by section 303(b)(5) of Pub. L. 102–558 deemed to have become effective Mar. 1, 1992, see sec- tion 304 of Pub. L. 102–558, set out as a note under sec- tion 4502 of Title 50, War and National Defense. Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improve- ment Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, ex- cept that where amendment is to any provision of law added or amended by Pub. L. 102–242 effective after Dec. 19, 1992, then amendment by Pub. L. 102–550 effective on effective date of amendment by Pub. L. 102–242, see sec- tion 1609 of Pub. L. 102–550, set out as a note under sec- tion 191 of this title. EFFECTIVE DATE OF 1991 AMENDMENT Pub. L. 102–242, title I, § 111(b), Dec. 19, 1991, 105 Stat. 2241, provided that: ‘‘The amendment made by sub- section (a) [amending this section] shall become effec- tive 1 year after the date of enactment of this Act [Dec. 19, 1991].’’ Amendment by section 302(d) of Pub. L. 102–242 effec- tive on earlier of 180 days after date on which final reg- ulations promulgated in accordance with section 302(c) of Pub. L. 102–242, set out as a note under section 1817 of this title, become effective or Jan. 1, 1994, see section 302(g) of Pub. L. 102–242, set out as a note under section 1817 of this title. EFFECTIVE DATE OF 1978 AMENDMENT Amendment by Pub. L. 95–630 effective upon expira- tion of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as an Effective Date note under section 375b of this title. EFFECTIVE DATE OF 1970 AMENDMENT Amendment by Pub. L. 91–452 effective on sixtieth day following Oct. 15, 1970, not to affect any immunity to which

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