Supervised Securities Holding Companies Registration, 54717-54721 [2011-22469]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 76, Number 171 (Friday, September 2, 2011)]
[Proposed Rules]
[Pages 54717-54721]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-22469]


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Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of 
the proposed issuance of rules and regulations. The purpose of these 
notices is to give interested persons an opportunity to participate in 
the rule making prior to the adoption of the final rules.

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Federal Register / Vol. 76, No. 171 / Friday, September 2, 2011 / 
Proposed Rules

[[Page 54717]]



FEDERAL RESERVE SYSTEM

12 CFR Part 241

[Regulation OO; Docket No. R-1430]
RIN 7100-AD 81


Supervised Securities Holding Companies Registration

AGENCY: Board of Governors of the Federal Reserve System (``Board'').

ACTION: Proposed rule with request for public comments.

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SUMMARY: The Board is issuing a proposed rule to implement section 618 
of the Dodd-Frank Wall Street Reform and Consumer Protection Act 
(``Dodd-Frank Act''), which permits nonbank companies that own at least 
one registered securities broker or dealer, and that are required by a 
foreign regulator or provision of foreign law to be subject to 
comprehensive consolidated supervision, to register with the Board and 
subject themselves to supervision by the Board. The proposed rule 
outlines the requirements that a securities holding company must 
satisfy to make an effective election, including filing the appropriate 
form with the responsible Reserve Bank, providing all additional 
required information, and satisfying the statutory waiting period of 45 
days or such shorter period the Board determines appropriate.

DATES: Comments must be received on or before October 11, 2011.

ADDRESSES: You may submit comments, identified by Docket No. R-1430 and 
RIN No. 7100-AD 81, by any of the following methods:
     Agency Web Site: https://www.federalreserve.gov. Follow the 
instructions for submitting comments at: https://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
     Federal eRulemaking Portal: https://www.regulations.gov. 
Follow the instructions for submitting comments.
     E-mail: regs.comments@federalreserve.gov. Include docket 
number in the subject line of the message.
     FAX: 202/452-3819 or 202/452-3102.
     Mail: Jennifer J. Johnson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue, 
NW., Washington, DC 20551.
    All public comments are available from the Board's Web site at 
https://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as 
submitted, unless modified for technical reasons. Accordingly, your 
comments will not be edited to remove any identifying or contact 
information. Public comments may also be viewed electronically or in 
paper in Room MP-500 of the Board's Martin Building (20th and C 
Streets, N.W.) between 9 a.m. and 5 p.m. on weekdays.

FOR FURTHER INFORMATION CONTACT: Amanda K. Allexon, Senior Counsel 
(202) 452-3818, or Bao Nguyen, Attorney, (202) 736-5599, Legal 
Division; or Michael J. Sexton, Assistant Director, (202) 452-3009, 
Division of Banking Supervision and Regulation; Board of Governors of 
the Federal Reserve System, 20th and C Streets, NW., Washington, DC 
20551. Users of Telecommunication Device for the Deaf (TTD) only, 
contact (202) 263-4869.

SUPPLEMENTARY INFORMATION:

I. Background

    Section 618 of the Dodd-Frank Act permits a company that owns at 
least one registered securities broker or dealer (a ``nonbank 
securities company''), and that is required by a foreign regulator or 
provision of foreign law to be subject to comprehensive consolidated 
supervision, to register with the Board as a securities holding company 
and become subject to supervision and regulation by the Board.\1\ A 
securities holding company that registers with the Board under section 
618 is subject to the full examination, supervision, and enforcement 
regime applicable to a registered bank holding company, including 
capital requirements set by the Board (though the statute allows the 
Board to modify its capital rules to account for differences in 
activities and structure of securities holding companies and bank 
holding companies). The primary difference in regulatory frameworks 
between securities holding companies and bank holding companies is that 
the restrictions on nonbanking activities that apply to bank holding 
companies do not apply to securities holding companies.
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    \1\ 12 U.S.C. 1850a.
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    Under section 618 of the Act, a securities holding company that 
elects to be subject to supervision by the Board must submit a 
registration form that includes all such information and documents the 
Board, by regulation, deems necessary or appropriate. The statute also 
specifies that registration as a supervised securities holding company 
becomes effective 45 days after the date the Board receives all 
required information, or within such shorter period as the Board, by 
rule or order, may determine.
    Section 618 makes a registered securities holding company subject 
to all of the provisions of the Bank Holding Company Act of 1956 (12 
U.S.C. 1841 et seq.) (``BHC Act'') in the same manner as a bank holding 
company, other than the restrictions on nonbanking activities contained 
in section 4 of the BHC Act.\2\ Consistent with the Dodd-Frank Act, the 
Board anticipates applying the same supervisory program, including 
examination procedures, reporting requirements, supervisory guidance, 
and capital standards, to supervised securities holding companies that 
the Board currently applies to bank holding companies. However, the 
Board may, based on experience gained during the supervision of 
supervised securities holding companies, modify these requirements as 
appropriate and consistent with section 618.
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    \2\ 12 U.S.C. 1850a(d)(1) and (e)(2).
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II. Overview of Proposed Rule

    This proposed rulemaking would permit securities holding companies 
to elect to become supervised securities holding companies by 
registering with the Board. The proposed rule outlines the requirements 
that a securities holding company must satisfy to make an effective 
registration, including filing the appropriate form with the 
responsible Reserve Bank, providing all additional information 
requested by the Board, and satisfying the statutory waiting period of 
45 days or such shorter period the Board determines appropriate. The 
Board is seeking

[[Page 54718]]

comments on all aspects of this proposed rulemaking.
    Section 241.1 of the proposed rule outlines the authority under 
which the Board is issuing the proposed rule. Section 241.2 of the 
proposed rule incorporates the statutory language in section 618 
defining a ``securities holding company'' to mean any company that 
directly or indirectly owns or controls, is controlled by, or is under 
common control with, one or more brokers or dealers registered with the 
Securities and Exchange Commission. The term does not include, among 
other things, a company that is a nonbank financial company supervised 
by the Board, a bank holding company, a savings and loan holding 
company, an insured bank, a savings association, or a foreign banking 
organization with U.S. banking operations. Under the proposal, terms 
such as ``affiliate,'' ``bank,'' ``bank holding company,'' ``control,'' 
and ``subsidiary'' are defined to have the same meaning as in section 
225.2 of the Board's Regulation Y.
    Section 241.3 of the proposed rule requires a securities holding 
company that elects to register to become a supervised securities 
holding company to file the proper form with the responsible Reserve 
Bank. As discussed further in section IV below, the Board is proposing 
to create a new form for this purpose. The proposed form, which is 
similar to the Board's current form Y-3F, used by a company registering 
to become a bank holding company, would include a number of questions 
relating to the organizational structure of the securities holding 
company, its capital structure, and its financial condition. 
Specifically, the proposed form would require a securities holding 
company electing to be supervised to submit:
    1. An organization chart for the securities holding company showing 
all subsidiaries.
    2. The name, asset size, general activities, place of 
incorporation, and ownership share held by the securities holding 
company for each of the securities holding company's direct and 
indirect subsidiaries that comprise 1 percent or more of the securities 
holding company's worldwide consolidated assets.
    3. A list of all persons (natural as well as legal) in the upstream 
chain of ownership of the securities holding company who, directly or 
indirectly, own 5 percent or more of the voting shares of the 
securities holding company. In addition, the Board would request 
information concerning any voting agreements or other mechanisms that 
exist among shareholders for the exercise of control over the 
securities holding company.
    4. For the senior officers and directors with decision-making 
authority for the securities holding company, the biographical 
information requested in the Interagency Biographical and Financial 
Report FR 2081c (the Financial Report need not be provided).
    5. Copies of the most recent quarterly and annual reports prepared 
for shareholders, if any, for the securities holding company and 
certain subsidiaries.
    6. Income statements, balance sheets, and audited GAAP statements, 
as well as any other financial statements submitted to the securities 
holding company's current consolidated supervisor, if any, each on a 
parent-only and consolidated basis, showing separately each principal 
source of revenue and expense, through the end of the most recent 
fiscal quarter and for the past two (2) fiscal years.
    7. A description of the methods used by the securities holding 
company to monitor and control its operations, including those of its 
domestic and foreign subsidiaries and offices (e.g., through internal 
reports and internal audits).
    8. A description of the bank regulatory system that exists in the 
home country of any of the securities holding company's foreign bank 
subsidiaries. The description also should include a discussion of each 
of the following:
    a. The scope and frequency of on-site examinations by the home 
country supervisor;
    b. Off-site monitoring by the home country supervisor;
    c. The role of external auditors;
    d. Transactions with affiliates;
    e. Other applicable prudential requirements;
    f. Remedial authority of the home country supervisor;
    g. Prior approval requirements; and,
    h. Any applicable regulatory capital framework.
    9. A description of any other regulatory capital framework to which 
the securities holding company is subject.

The proposed rule further provides that the Board may at any time 
request additional information that it believes is necessary to 
complete the registration.
    Under the proposed rule, the registration is considered filed when 
all information required by the Board is received. Section 241.3 of the 
proposed rule also states that a registration filed by a securities 
holding company becomes effective and supervision by the Board begins 
on the 45th calendar day after the date that a complete filing is 
received. Under the proposed rule, the Board also reserves the right to 
shorten the 45-day waiting period and begin consolidated supervision at 
such earlier date as the Board specifies to the securities holding 
company in writing.
    The proposed rule provides that, upon an effective registration, a 
supervised securities holding company would be supervised and regulated 
as if it were a bank holding company, and that the nonbanking 
restrictions contained in section 4 of the BHC Act will not apply to a 
supervised securities holding company. This treatment will generally 
mean that supervised securities holding companies will, among other 
things, be required to submit the same reports and be subject to the 
same examination procedures, supervisory guidance, and capital 
standards that currently apply to bank holding companies. However, the 
Board anticipates that there will be a period of time before the Board 
becomes fully acquainted with supervised securities holding companies 
(and their operations) because they are a new class of entities the 
Dodd-Frank Act requires the Board to supervise. As a result, the 
proposed rule provides the Board with flexibility to supervise and 
regulate supervised securities holding companies in a manner that is 
consistent with safety and soundness and that addresses the risks they 
pose to financial stability.

III. Solicitation of Comments and Use of Plain Language

    Section 722 of the Gramm-Leach-Bliley Act (Pub. L. 106-102, 113 
Stat. 1338, 1471, 12 U.S.C. 4809) requires the Federal banking agencies 
to use plain language in all proposed and final rules published after 
January 1, 2000. The Board invites comment on how to make the proposed 
rule easier to understand. For example:
     Is the material organized in a clear, understandable, and 
complete way? If not, how can the rule be presented more clearly?
     Are the requirements in the rule clearly stated? If not, 
how could the rule be more clearly stated?
     Do the regulations contain technical language or jargon 
that is not clear? If so, which language requires clarification?
     Would a different format (grouping and order of sections, 
use of headings, paragraphing) make the regulation easier to 
understand? If so, what changes would achieve that?

[[Page 54719]]

     Is the section format adequate? If not, which of the 
sections should be changed and how?
     What other changes can the Board incorporate to make the 
regulation easier to understand?

IV. Administrative Law Matters

A. Paperwork Reduction Act Analysis

    In accordance with the requirements of the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.) (``PRA''), the Board may not conduct 
or sponsor, and the respondent is not required to respond to, an 
information collection unless it displays a currently valid Office of 
Management and Budget (OMB) control number. The OMB control numbers for 
the existing information collections are provided below. The OMB 
control number will be assigned for the new information collection 
related to registrations described below. The Board reviewed the 
proposed rule under the authority delegated to the Board by OMB.
    Title of Existing Information Collections:
     The Annual Report of Bank Holding Companies (FR Y-6),
     The Report of Foreign Banking Organizations (FR Y-7),
     The Consolidated Financial Statements for Bank Holding 
Companies (FR Y-9C),
     The Parent Company Only Financial Statements for Large 
Bank Holding Companies (FR Y-9LP),
     The Parent Company Only Financial Statements for Small 
Bank Holding Companies (FR Y-9SP),
     The Financial Statements for Employee Stock Ownership Plan 
Bank Holding Companies (FR Y-9ES),
     The Supplement to the Consolidated Financial Statements 
for Bank Holding Companies (FR Y-9CS),
     The Financial Statements of U.S. Nonbank Subsidiaries of 
U.S. Bank Holding Companies (FR Y-11 and FR Y-11S),
     The Financial Statements of Foreign Subsidiaries of U.S. 
Banking Organizations (FR 2314 and FR 2314S),
     The Bank Holding Company Report of Insured Depository 
Institutions' Section 23A Transactions with Affiliates (FR Y-8),
     The Consolidated Bank Holding Company Report of Equity 
Investments in Nonfinancial Companies (FR Y-12) and the Annual Report 
of Merchant Banking Investments Held for an Extended Period (FR Y-12A), 
and
     The Capital and Asset Report of Foreign Banking 
Organizations (FR Y-7Q), and the Financial Statements of U.S. Nonbank 
Subsidiaries Held by Foreign Banking Organizations (FR Y-7N and FR Y-
7NS).
    Frequency of Response: Annually, semi-annually, quarterly, event-
generated.
    Affected Public: Nonbank companies.
    Abstract: The information collection reporting requirements are 
found in sections 241.3(a)(1) and 241.3(b)(3)(i) of the proposed rule. 
These requirements would implement regulations related to section 618 
of the Dodd-Frank Act, which, as discussed above, permit securities 
holding companies to register with, and subject themselves to 
supervision by, the Board. As previously noted, a supervised securities 
holding company is subject to all of the provisions of the BHC Act in 
the same manner as a bank holding company, other than the restrictions 
on nonbanking activities contained in section 4 of the BHC Act.
    Section 241.3(a)(1) would require securities holding companies that 
elect to register to become supervised securities holding companies to 
file a registration form with the responsible Reserve Bank. The 
registration form would ask information on: The organization chart 
(including all subsidiaries), shareholders, senior officers and 
directors, methods used to monitor and control its operations, and 
foreign bank subsidiaries and the bank regulatory system in which these 
foreign bank subsidiaries operate. Section 241.3(b)(3)(i) would require 
supervised securities holding companies to be subject to supervision 
and regulation by the Board as if such companies were bank holding 
companies. Accordingly, the Federal Reserve would require supervised 
securities holding companies to file the same reports as bank holding 
companies as follows: FR Y-6 and FR Y-7 (OMB No. 7100-0297); FR Y-9C, 
FR Y-9LP, FR Y-9SP, FR Y-9ES, and FR Y-9CS (OMB No. 7100-0128); FR Y-11 
and FR Y-11S (OMB No. 7100-0244); FR 2314 and FR 2314S (OMB No. 7100-
0073); FR Y-8 (OMB No. 7100-0126); FR Y-12 and FR Y-12A (OMB No. 7100-
0300); FR Y-7Q, FR Y-7N and FR Y-7NS (OMB No. 7100-0125).
    Estimated Burden:
    The estimated burden per filing for the registration form in 
section 241.3(a)(1) is eight hours (one business day). The Board 
estimates that approximately five securities holding companies would 
file a request to become a supervised securities holding company. 
Therefore, the total annual burden for the registration form is 
estimated to be 40 hours. Effective upon registration, and except as 
otherwise provided by order of the Board, a supervised securities 
holding company shall file the existing bank holding company reporting 
forms listed above on the calendar quarter-end under section 
241.3(b)(3)(i). The hourly burden estimates associated with each of 
these reporting forms is not expected to change materially as the 
information to be collected is substantively similar to that which is 
currently being collected from bank holding companies. There is 
currently only one securities holding company as of June 30, 2011, 
which would be added to the respondent panel for each report, as 
appropriate.
    For additional information on the current burden associated with 
any of the existing information collections, please see OMB's public 
Web site at: https://www.reginfo.gov/public/do/PRAMain. For copies of 
the current reporting forms, please see the Federal Reserve's public 
Web site at: https://www.federalreserve.gov/reportforms/default.cfm.
    Comments are invited on:
    (a) Whether the collection of information is necessary for the 
proper performance of the Board's functions, including whether the 
information has practical utility;
    (b) The accuracy of the estimates of the burden of the information 
collection, including the validity of the methodology and assumptions 
used;
    (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    (d) Ways to minimize the burden of the information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    (e) Estimates of capital or start up costs and costs of operation, 
maintenance, and purchase of services to provide information.
    Comments on the collection of information should be sent to Cynthia 
Ayouch, Acting Federal Reserve Clearance Officer, Division of Research 
and Statistics, Mail Stop 95-A, Board of Governors of the Federal 
Reserve System, Washington, DC 20551, with copies of such comments sent 
to the Office of Management and Budget, Paperwork Reduction Project 
(SHC Registration), Washington, DC 20503. You may also submit comments 
electronically, identified by Docket number, by any of the following 
methods:
     Agency Web Site: https://www.federalreserve.gov. Follow the 
instructions for submitting comments on the https://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.

[[Page 54720]]

     Federal eRulemaking Portal: https://www.regulations.gov. 
Follow the instructions for submitting comments.
     E-mail: regs.comments@federalreserve.gov. Include docket 
number in the subject line of the message.

B. Regulatory Flexibility Act Analysis

    In accordance with section 3(a) of the Regulatory Flexibility Act 
(5 U.S.C. 601 et seq.) (``RFA''), the Board is publishing an initial 
regulatory flexibility analysis of the proposed rule. The RFA requires 
an agency either to provide an initial regulatory flexibility analysis 
with a proposed rule for which a general notice of proposed rulemaking 
is required or to certify that the proposed rule will not have a 
significant economic impact on a substantial number of small entities. 
Based on its analysis and for the reasons stated below, the Board 
believes that this proposed rule will not have a significant economic 
impact on a substantial number of small entities. Nevertheless, the 
Board is publishing an initial regulatory flexibility analysis. A final 
regulatory flexibility analysis will be conducted after comments 
received during the public comment period have been considered.
    In accordance with section 618 of the Dodd-Frank Act, the Board is 
proposing Regulation OO (12 CFR part 241 et seq.) to establish a 
process for a securities holding company to elect to be supervised by 
the Board. The proposed rule would establish the requirements and 
procedures for registering with the Board in order to become a 
supervised securities holding company. As noted above, a supervised 
securities holding company would be supervised and regulated as if it 
were a bank holding company, and would be required to submit the same 
reports that currently apply to bank holding companies. The reasons and 
justification for the proposed rule are described in the Supplementary 
Information. The Board does not believe that the proposed rule 
duplicates, overlaps, or conflicts with any other Federal rules.
    Under regulations issued by the Small Business Administration 
(``SBA''), a ``small entity'' includes those firms within the ``Finance 
and Insurance'' sector with asset sizes that vary from $7 million or 
less in assets to $175 million or less in assets.\3\ The Board believes 
that the Finance and Insurance sector constitutes a reasonable universe 
of firms for these purposes because such firms generally engage in 
activities that are financial in nature. Consequently, securities 
holding companies with asset sizes of $175 million or less are small 
entities for purposes of the RFA.
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    \3\ 13 CFR 121.201.
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    As discussed in the Supplementary Information, the proposed rule 
would apply to any securities holding company that elects to be 
supervised by the Board regardless of such a company's asset size. 
However, at this time, only one company, which has assets in excess of 
$175 million, has expressed interest in electing to become a supervised 
securities holding company. Moreover, only one company ever elected to 
be supervised under the investment bank holding company framework 
administered by the Securities and Exchange Commission, which like the 
framework in the proposed rule provided an elective mechanism to enable 
a nonbank securities company to satisfy requirements by a foreign 
regulator or provision of foreign law that such company be subject to 
comprehensive consolidated supervision. Taking these facts into 
consideration but also allowing for additional flexibility, the Board 
estimates that approximately five securities holding companies may 
possibly register to become a Board supervised securities holding 
company.
    In light of the foregoing, the Board does not believe that the 
proposed rule, if adopted in final form, would have a significant 
economic impact on a substantial number of small entities supervised by 
the Board. Nonetheless, the Board seeks comment on whether the proposed 
rule would impose undue burdens on, or have unintended consequences 
for, small organizations, and whether there are ways such potential 
burdens or consequences could be minimized in a manner consistent with 
section 618 of the Dodd-Frank Act.

List of Subjects in 12 CFR Part 241

    Administrative practice and procedure, Holding companies, 
Securities, Federal Reserve System, Brokers and dealers, Foreign law, 
Reporting and recordkeeping requirements.

    For the reasons set forth in the preamble, the Board proposes to 
amend 12 CFR chapter II as follows:

    1. Add new part 241 to read as follows:

PART 241--SECURITIES HOLDING COMPANIES (REGULATION OO)

Sec.
241.1 Authority and Purpose.
241.2 Definitions.
241.3 Registration as a supervised securities holding company.

    Authority: 12 U.S.C. 1850a.


Sec.  241.1  Authority and Purpose.

    (a) Authority. This part is issued by the Board pursuant to section 
618 of the Dodd-Frank Wall Street Reform and Consumer Protection Act 
(12 U.S.C. 1850a).
    (b) Purpose. This part establishes the procedure by which a 
securities holding company may elect to register to be supervised by 
the Board.


Sec.  241.2  Definitions.

    Except as defined below, terms used in this part have the same 
meaning given them in 12 CFR 225.2.
    (a) Securities holding company. (1) A securities holding company 
means any company that directly or indirectly owns or controls, is 
controlled by, or is under common control with, one or more brokers or 
dealers registered with the Securities and Exchange Commission; and
    (2) Does not include a company that is--
    (i) A nonbank financial company supervised by the Board pursuant to 
Title I of the Dodd-Frank Wall Street Reform and Consumer Protection 
Act (12 U.S.C. 5301 et seq.);
    (ii) An insured bank (other than an institution described in 
subparagraphs (D), (F), or (H) of section 2(c)(2) of the Bank Holding 
Company Act of 1956 (12 U.S.C. 1841(c)(2)) or a savings association;
    (iii) An affiliate of an insured bank (other than an institution 
described in subparagraphs (D), (F), or (H) of section 2(c)(2) of the 
Bank Holding Company Act of 1956 (12 U.S.C. 1841(c)(2)) or an affiliate 
of a savings association;
    (iv) A foreign bank, foreign company, or company that is described 
in section 8(a) of the International Banking Act of 1978 (12 U.S.C. 
3106(a));
    (v) A foreign bank that controls, directly or indirectly, a 
corporation chartered under section 25A of the Federal Reserve Act (12 
U.S.C. 611 et seq.); or
    (vi) Subject to comprehensive consolidated supervision by a foreign 
regulator.
    (b) Supervised securities holding company means a securities 
holding company that is supervised by the Board pursuant to this part.


Sec.  241.3  Registration as a supervised securities holding company.

    (a) Registration.
    (1) Filing Requirement. A securities holding company may elect to 
register to become a supervised securities holding company by filing 
the appropriate form with the responsible Reserve Bank. The responsible 
Reserve Bank is determined by the Director of

[[Page 54721]]

Banking Supervision and Regulation at the Board, or the Director's 
delegee.
    (2) Request for additional information. The Board may, at any time, 
request additional information that it believes is necessary to 
complete the registration.
    (3) Complete filing. A registration by a securities holding company 
is considered to be filed on the date that all information required on 
the appropriate form is received.
    (b) Effective date of registration.
    (1) In general. A registration filed by a securities holding 
company under paragraph (a) of this section is effective on the 45th 
calendar day after the date that a complete filing is received by the 
responsible Reserve Bank.
    (2) Earlier notification that a registration is effective. The 
Board may notify a securities holding company that its registration to 
become a supervised securities holding company is effective prior to 
the 45th calendar day after the date that a complete filing is received 
by the responsible Reserve Bank. Such a notification must be in 
writing.
    (3)(i) Upon an effective registration and except as otherwise 
provided by order of the Board, a supervised securities holding company 
shall be treated, and shall be subject to supervision and regulation by 
the Board, as if it were a bank holding company, or as otherwise 
appropriate to protect the safety and soundness of the supervised 
securities holding company and address the risks posed by such company 
to financial stability.
    (ii) The provisions of section 4 of the Bank Holding Company Act of 
1956 (12 U.S.C. 1841 et seq.) do not apply to a supervised securities 
holding company.

    By order of the Board of Governors of the Federal Reserve 
System, August 29, 2011.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2011-22469 Filed 9-1-11; 8:45 am]
BILLING CODE 6210-01-P