12 U.S.C. § 5324 — Registration of nonbank financial compa-

Page 1842 TITLE 12—BANKS AND BANKING § 5324 124 Stat. 1391, which is classified principally to this subchapter. For complete classification of title I to the Code, see Short Title note set out under section 5301 of this title and Tables. This Act, referred to in subsec. (c)(6), is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376, known as the Dodd- Frank Wall Street Reform and Consumer Protection Act, which enacted this chapter and chapters 108 (§ 8201 et seq.) and 109 (§ 8301 et seq.) of Title 15, Commerce and Trade, and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of this title and Tables. § 5324. Registration of nonbank financial compa- nies supervised by the Board of Governors Not later than 180 days after the date of a final Council determination under section 5323 of this title that a nonbank financial company is to be supervised by the Board of Governors, such com- pany shall register with the Board of Governors, on forms prescribed by the Board of Governors, which shall include such information as the Board of Governors, in consultation with the Council, may deem necessary or appropriate to carry out this subchapter. (Pub. L. 111–203, title I, § 114, July 21, 2010, 124 Stat. 1403.) Editorial Notes REFERENCES IN TEXT This subchapter, referred to in text, was in the origi- nal ‘‘this title’’, meaning title I of Pub. L. 111–203, July 21, 2010, 124 Stat. 1391, which is classified principally to this subchapter. For complete classification of title I to the Code, see Short Title note set out under section 5301 of this title and Tables. § 5325. Enhanced supervision and prudential standards for nonbank financial companies supervised by the Board of Governors and certain bank holding companies (a) In general (1) Purpose In order to prevent or mitigate risks to the financial stability of the United States that could arise from the material financial dis- tress, failure, or ongoing activities of large, interconnected financial institutions, the Council may make recommendations to the Board of Governors concerning the establish- ment and refinement of prudential standards and reporting and disclosure requirements ap- plicable to nonbank financial companies su- pervised by the Board of Governors and large, interconnected bank holding companies, that— (A) are more stringent than those applica- ble to other nonbank financial companies and bank holding companies that do not present similar risks to the financial sta- bility of the United States; and (B) increase in stringency, based on the considerations identified in subsection (b)(3). (2) Recommended application of required standards In making recommendations under this sec- tion, the Council may— (A) differentiate among companies that are subject to heightened standards on an in- dividual basis or by category, taking into consideration their capital structure, riski- ness, complexity, financial activities (in- cluding the financial activities of their sub- sidiaries), size, and any other risk-related factors that the Council deems appropriate; or (B) recommend an asset threshold that is higher than the applicable threshold for the application of any standard described in sub- sections (c) through (g). (b) Development of prudential standards (1) In general The recommendations of the Council under subsection (a) may include— (A) risk-based capital requirements; (B) leverage limits; (C) liquidity requirements; (D) resolution plan and credit exposure re- port requirements; (E) concentration limits; (F) a contingent capital requirement; (G) enhanced public disclosures; (H) short-term debt limits; and (I) overall risk management requirements. (2) Prudential standards for foreign financial companies In making recommendations concerning the standards set forth in paragraph (1) that would apply to foreign nonbank financial companies supervised by the Board of Governors or for- eign-based bank holding companies, the Coun- cil shall— (A) give due regard to the principle of na- tional treatment and equality of competi- tive opportunity; and (B) take into account the extent to which the foreign nonbank financial company or foreign-based bank holding company is sub- ject on a consolidated basis to home country standards that are comparable to those ap- plied to financial companies in the United States. (3) Considerations In making recommendations concerning pru- dential standards under paragraph (1), the Council shall— (A) take into account differences among nonbank financial companies supervised by the Board of Governors and bank holding companies described in subsection (a), based on— (i) the factors described in subsections (a) and (b) of section 5323 of this title; (ii) whether the company owns an in- sured depository institution; (iii) nonfinancial activities and affili- ations of the company; and (iv) any other factors that the Council determines appropriate; (B) to the extent possible, ensure that small changes in the factors listed in sub- sections (a) and (b) of section 5323 of this title would not result in sharp, discontin- uous changes in the prudential standards es- tablished under section 5365 of this title; and (C) adapt its recommendations as appro- priate in light of any predominant line of