12 USC 1820a – Examination of investment companies
(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
Terms Used In 12 USC 1820a
- affiliate: has the meaning given to such term in section 1841(k) of this title. See 12 USC 1813
- bank holding company: has the meaning given to such term in section 1841 of this title. See 12 USC 1813
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- deposit: means &mdash. See 12 USC 1813
- depository institution: means any bank or savings association. See 12 USC 1813
- Federal banking agency: means the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, or the Federal Deposit Insurance Corporation. See 12 USC 1813
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- insured depository institution: includes any uninsured branch or agency of a foreign bank or a commercial lending company owned or controlled by a foreign bank for purposes of section 1818 of this title. See 12 USC 1813
- savings and loan holding company: has the meaning given to such term in section 1467a of this title. See 12 USC 1813
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, 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.
(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.
(5) Insured depository institution
The term “insured depository institution” has the meaning given the term in section 1813(c) of this title.
(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 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.