PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1405 dealer affiliated with the supervised investment bank holding company and any of the company's other affiliates, and applicable provisions of subchapter II of chapter 53, title 31, United States Code (commonly referred to as the 'Bank Secrecy Act') and regulations thereunder, "(ii) RESTRICTED FOCUS OF EXAMINATIONS. — The Commission shall limit the focus and scope of any examination of a supervised investment bank holding company to— "(I) the company; and "(II) any affiliate of the company that, because of its size, condition, or activities, the nature or size of the transactions between such affiliate and any affiliated broker or dealer, or the centralization of functions within the holding company system, could, in the discretion of the Commission, have a materially adverse effect on the operational or financial condition of the broker or dealer, "(iii) DEFERENCE TO OTHER EXAMINATIONS. — For purposes of this subparagraph, the Commission shall, to the fullest extent possible, use the reports of examination of 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 made by the appropriate regulatory agency, or of a licensed insurance company made by the appropriate State insurance regulator. " (4) FUNCTIONAL REGULATION OF BANKING AND INSURANCE ACTIVITIES OF SUPERVISED INVESTMENT BANK HOLDING COMPA- NIES.— The Commission shall defer to— "(A) the appropriate regulatory agency with regard to all interpretations of, and the enforcement of, applicable banking laws relating to the activities, conduct, ownership, and operations of banks, and institutions described in subparagraph (D), (F), and (G) of section 2(c)(2), or held under section 4(f), of the Bank Holding Company Act of 1956; and "(B) the appropriate State insurance regulators with regard to all interpretations of, and the enforcement of, applicable State insurance laws relating to the activities,
- conduct, and operations of insurance companies and insurance agents.
"(5) DEFINITIONS. —For purposes of this subsection: "(A) The term 'investment bank holding company' means— "(i) any person other than a natural person that owns or controls one or more brokers or dealers; and "(ii) the associated persons of the investment bank ^ holding company. "(B) The term 'supervised investment bank holding company' means any investment bank holding company ' that is supervised by the Commission pursuant to this subsection. "(C) The terms 'affihate', 'bank', 'bank holding company', 'company', 'control', and 'savings association' have 69-194 -01-13:QL3Pan 2
�
