12 U.S.C. § 1850 — Acquisition of subsidiary and tying ar-

Page 1256 TITLE 12—BANKS AND BANKING § 1850 1 See References in Text note below. 2 So in original. Probably should be ‘‘subparagraph’’. 91–607, title I, § 104, Dec. 31, 1970, 84 Stat. 1766; Pub. L. 95–188, title III, § 303, Nov. 16, 1977, 91 Stat. 1390; Pub. L. 100–86, title V, § 502(h)(3), Aug. 10, 1987, 101 Stat. 628; Pub. L. 103–325, title III, § 321(a), Sept. 23, 1994, 108 Stat. 2226; Pub. L. 106–102, title I, § 131, Nov. 12, 1999, 113 Stat. 1382.) Editorial Notes REFERENCES IN TEXT Act of July 2, 1890 (the Sherman Antitrust Act), re- ferred to in subsec. (f), is classified to sections 1 to 7 of Title 15, Commerce and Trade. For complete classifica- tion of this Act to the Code, see Short Title note set out under section 1 of Title 15 and Tables. Act of October 15, 1914 (the Clayton Act), referred to in subsec. (f), is act Oct. 15, 1914, ch. 323, 38 Stat. 730, which is classified generally to sections 12, 13, 14 to 19, 21, and 22 to 27 of Title 15, and sections 52 and 53 of Title 29, Labor. For further details and complete classi- fication of this Act to the Code, see References in Text note set out under section 12 of Title 15 and Tables. AMENDMENTS 1999—Subsec. (b)(1). Pub. L. 106–102 inserted before pe- riod at end of first sentence ‘‘and, if the transaction also involves an acquisition under section 1843 of this title, the Board shall also notify the Federal Trade Commission of such approval’’. 1994—Subsec. (b)(1). Pub. L. 103–325 inserted before pe- riod at end of fourth sentence ‘‘or, if the Board has not received any adverse comment from the Attorney Gen- eral of the United States relating to competitive fac- tors, such shorter period of time as may be prescribed by the Board with the concurrence of the Attorney General, but in no event less than 15 calendar days after the date of approval’’. 1987—Subsec. (b). Pub. L. 100–86 designated existing provisions as par. (1) and added par. (2). 1977—Subsec. (b). Pub. L. 95–188 authorized a proposed acquisition, merger, or consolidation transaction to be consummated immediately upon approval by the Board where the Board has found that it must act imme- diately in order to prevent the probable failure of a bank or bank holding company involved in any such transaction; prohibited a transaction from being con- summated before the fifth calendar day after the date of approval by the Board where the Board has advised the Comptroller of the Currency or the State super- visory authority, as the case may be, of the existence of an emergency requiring expeditious action and has required the submission of views and recommendations within ten days; continued for all other cases the thir- ty day waiting period after date of approval by the Board for consummation of the transaction; and sub- stituted provision for commencement of stay actions prior to the earliest time at which the transaction ap- proval under section 1842 of this title might be con- summated for prior provision for commencement of such stay actions within the thirty-day waiting period. 1970—Subsec. (b). Pub. L. 91–607, § 104(a), substituted ‘‘section 1842 of this title’’ for ‘‘this chapter’’ where ap- pearing first two times, and inserted ‘‘approved under section 1842 of this title’’ in second sentence before ‘‘shall be commended’’ and in last sentence before ‘‘in compliance with this chapter’’. Subsec. (c). Pub. L. 91–607, § 104(b), substituted ‘‘under section 1842 of this title’’ for ‘‘pursuant to this chap- ter’’. 1966—Pub. L. 89–485 designated existing provisions as subsec. (a), inserted ‘‘except as specifically provided in this section’’, and added subsecs. (b) to (f). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1999 AMENDMENT Amendment by Pub. L. 106–102 effective 120 days after Nov. 12, 1999, see section 161 of Pub. L. 106–102, set out as a note under section 24 of this title. § 1850. Acquisition of subsidiary and tying ar- rangement: Federal Reserve Board pro- ceedings; application for authorization; com- petitor as party in interest and person ag- grieved; judicial review With respect to any proceeding before the Fed- eral Reserve Board wherein an applicant seeks authority to acquire a subsidiary which is a bank under section 1842 of this title or to engage in an activity otherwise prohibited under chap- ter 22 of this title, a party who would become a competitor of the applicant or subsidiary there- of by virtue of the applicant’s or its subsidiary’s acquisition, entry into the business involved, or activity, shall have the right to be a party in in- terest in the proceeding and, in the event of an adverse order of the Board, shall have the right as an aggrieved party to obtain judicial review thereof as provided in section 1848 of this title or as otherwise provided by law. (Pub. L. 91–607, title I, § 105, Dec. 31, 1970, 84 Stat. 1766; Pub. L. 106–102, title I, § 102(b)(1), Nov. 12, 1999, 113 Stat. 1341.) Editorial Notes CODIFICATION Section was enacted as part of the Bank Holding Company Act Amendments of 1970, and not as part of the Bank Holding Company Act of 1956 which comprises this chapter. AMENDMENTS 1999—Pub. L. 106–102 struck out ‘‘, to engage directly or indirectly in a nonbanking activity pursuant to sec- tion 1843 of this title,’’ after ‘‘section 1842 of this title’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1999 AMENDMENT Amendment by Pub. L. 106–102 effective 120 days after Nov. 12, 1999, see section 161 of Pub. L. 106–102, set out as a note under section 24 of this title. § 1850a. Securities holding companies (a) Definitions In this section— (1) the term ‘‘associated person of a securi- ties holding company’’ means a person di- rectly or indirectly controlling, controlled by, or under common control with, a securities holding company; (2) the term ‘‘foreign bank’’ has the same meaning as in section 3101(7) of this title; (3) the term ‘‘insured bank’’ has the same meaning as in section 1813 of this title; (4) the term ‘‘securities holding company’’— (A) means— (i) a person (other than a natural person) that owns or controls 1 or more brokers or dealers registered with the Commission; and (ii) the associated persons of a person de- scribed in clause (i); and (B) does not include a person that is— (i) a nonbank financial company super- vised by the Board under title I; 1 (ii) an insured bank (other than an insti- tution described in subparagraphs 2 (D),