Page:United States Statutes at Large Volume 124.djvu/1463

124 STAT. 1437 PUBLIC LAW 111–203—JULY 21, 2010 or the primary financial regulatory agency in the case of nonbank financial companies supervised by the Board of Gov- ernors. (4) EFFECTIVE DATES AND PHASE-IN PERIODS.— (A) DEBT OR EQUITY INSTRUMENTS ON OR AFTER MAY 19, 2010.—For debt or equity instruments issued on or after May 19, 2010, by depository institution holding companies or by nonbank financial companies supervised by the Board of Governors, this section shall be deemed to have become effective as of May 19, 2010. (B) DEBT OR EQUITY INSTRUMENTS ISSUED BEFORE MAY 19, 2010.—For debt or equity instruments issued before May 19, 2010, by depository institution holding companies or by nonbank financial companies supervised by the Board of Governors, any regulatory capital deductions required under this section shall be phased in incrementally over a period of 3 years, with the phase-in period to begin on January 1, 2013, except as set forth in subparagraph (C). (C) DEBT OR EQUITY INSTRUMENTS OF SMALLER INSTITU- TIONS.—For debt or equity instruments issued before May 19, 2010, by depository institution holding companies with total consolidated assets of less than $15,000,000,000 as of December 31, 2009, and by organizations that were mutual holding companies on May 19, 2010, the capital deductions that would be required for other institutions under this section are not required as a result of this section. (D) DEPOSITORY INSTITUTION HOLDING COMPANIES NOT PREVIOUSLY SUPERVISED BY THE BOARD OF GOVERNORS.— For any depository institution holding company that was not supervised by the Board of Governors as of May 19, 2010, the requirements of this section, except as set forth in subparagraphs (A) and (B), shall be effective 5 years after the date of enactment of this Act (E) CERTAIN BANK HOLDING COMPANY SUBSIDIARIES OF FOREIGN BANKING ORGANIZATIONS.—For bank holding com- pany subsidiaries of foreign banking organizations that have relied on Supervision and Regulation Letter SR-01- 1 issued by the Board of Governors (as in effect on May 19, 2010), the requirements of this section, except as set forth in subparagraph (A), shall be effective 5 years after the date of enactment of this Act. (5) EXCEPTIONS.—This section shall not apply to— (A) debt or equity instruments issued to the United States or any agency or instrumentality thereof pursuant to the Emergency Economic Stabilization Act of 2008, and prior to October 4, 2010; (B) any Federal home loan bank; or (C) any small bank holding company that is subject to the Small Bank Holding Company Policy Statement of the Board of Governors, as in effect on May 19, 2010. (6) STUDY AND REPORT ON SMALL INSTITUTION ACCESS TO CAPITAL.— (A) STUDY REQUIRED.—The Comptroller General of the United States, after consultation with the Federal banking