113 STAT. 1402 PUBLIC LAW 106-102—NOV. 12, 1999 organized under the laws of the United States" and inserting "(A) a depository institution (as defined in section 3 of the Federal Deposit Insurance Act) or a branch or agency of a foreign bank (as such terms are defined in section 1(b) of the International Banking Act of 1978)". SEC. 224. CONFORMING AMENDMENT. Section 202 of the Investment Advisers Act of 1940 (15 U.S.C. 80b-2) is amended by adding at the end the following new subsection: " (c) CONSIDERATION OF PROMOTION OF EFFICIENCY, COMPETI- TION, AND CAPITAL FORMATION. —Whenever pursuant to this title the Commission is engaged in rulemaking and is required to consider or determine whether an action is necessary or appropriate in the public interest, the Commission shall also consider, in addition to the protection of investors, whether the action will promote efficiency, competition, and capital formation.". 15 USC 77c note. SEC. 225. EFFECTIVE DATE. This subtitle shall take effect 18 months after the date of the enactment of this Act. Subtitle C—Securities and Exchange Commission Supervision of Investment Bank Holding Companies SEC. 231. SUPERVISION OF INVESTMENT BANK HOLDING COMPANIES BY THE SECURITIES AND EXCHANGE COMMISSION. (a) AMENDMENT.— Section 17 of the Securities Exchange Act of 1934 (15 U.S.C. 78q) is amended— (1) by redesignating subsection (i) as subsection (k); and (2) by inserting after subsection (h) the following new subsections: "(i) INVESTMENT BANK HOLDING COMPANIES.— "(1) ELECTIVE SUPERVISION OF AN INVESTMENT BANK HOLDING COMPANY NOT HAVING A BANK OR SAVINGS ASSOCIATION AFFILIATE. — " (A) IN GENERAL.—An investment hank holding company that is not— "(i) an affiliate of an insured bank (other than an institution described in subparagraph (D), (F), or (G) of section 2(c)(2), or held under section 4(f), of the Bank Holding Company Act of 1956), or a savings association; "(ii) a foreign bank, foreign company, or company that is described in section 8(a) of the International Banking Act of 1978; or "(iii) a foreign bank that controls, directly or indirectly, a corporation chartered under section 25A of the Federal Reserve Act, may elect to become supervised by filing with the Commission a notice of intention to become supervised, pursuant to subparagraph (B) of this paragraph. Any investment bank holding company filing such a notice shall be supervised in accordance with this section and comply with
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