Page:United States Statutes at Large Volume 124.djvu/1651

124 STAT. 1625 PUBLIC LAW 111–203—JULY 21, 2010 or management of the fund, including any necessary expenses for the foregoing, only if— ‘‘(i) the banking entity provides bona fide trust, fiduciary, or investment advisory services; ‘‘(ii) the fund is organized and offered only in connection with the provision of bona fide trust, fidu- ciary, or investment advisory services and only to per- sons that are customers of such services of the banking entity; ‘‘(iii) the banking entity does not acquire or retain an equity interest, partnership interest, or other ownership interest in the funds except for a de minimis investment subject to and in compliance with para- graph (4); ‘‘(iv) the banking entity complies with the restric- tions under paragraphs (1) and (2) of subparagraph (f); ‘‘(v) the banking entity does not, directly or indirectly, guarantee, assume, or otherwise insure the obligations or performance of the hedge fund or private equity fund or of any hedge fund or private equity fund in which such hedge fund or private equity fund invests; ‘‘(vi) the banking entity does not share with the hedge fund or private equity fund, for corporate, mar- keting, promotional, or other purposes, the same name or a variation of the same name; ‘‘(vii) no director or employee of the banking entity takes or retains an equity interest, partnership interest, or other ownership interest in the hedge fund or private equity fund, except for any director or employee of the banking entity who is directly engaged in providing investment advisory or other services to the hedge fund or private equity fund; and ‘‘(viii) the banking entity discloses to prospective and actual investors in the fund, in writing, that any losses in such hedge fund or private equity fund are borne solely by investors in the fund and not by the banking entity, and otherwise complies with any addi- tional rules of the appropriate Federal banking agen- cies, the Securities and Exchange Commission, or the Commodity Futures Trading Commission, as provided in subsection (b)(2), designed to ensure that losses in such hedge fund or private equity fund are borne solely by investors in the fund and not by the banking entity. ‘‘(H) Proprietary trading conducted by a banking entity pursuant to paragraph (9) or (13) of section 4(c), provided that the trading occurs solely outside of the United States and that the banking entity is not directly or indirectly controlled by a banking entity that is organized under the laws of the United States or of one or more States. ‘‘(I) The acquisition or retention of any equity, partner- ship, or other ownership interest in, or the sponsorship of, a hedge fund or a private equity fund by a banking entity pursuant to paragraph (9) or (13) of section 4(c)