PUBLIC LAW 109–58—AUG. 8, 2005
119 STAT. 973
duties, and liabilities imposed by this subtitle upon holding companies. (B) EXCLUSIONS.—The term ‘‘holding company’’ shall not include— (i) a bank, savings association, or trust company, or their operating subsidiaries that own, control, or hold, with the power to vote, public utility or public utility holding company securities so long as the securities are— (I) held as collateral for a loan; (II) held in the ordinary course of business as a fiduciary; or (III) acquired solely for purposes of liquidation and in connection with a loan previously contracted for and owned beneficially for a period of not more than two years; or (ii) a broker or dealer that owns, controls, or holds with the power to vote public utility or public utility holding company securities so long as the securities are— (I) not beneficially owned by the broker or dealer and are subject to any voting instructions which may be given by customers or their assigns; or (II) acquired within 12 months in the ordinary course of business as a broker, dealer, or underwriter with the bona fide intention of effecting distribution of the specific securities so acquired. (9) HOLDING COMPANY SYSTEM.—The term ‘‘holding company system’’ means a holding company, together with its subsidiary companies. (10) JURISDICTIONAL RATES.—The term ‘‘jurisdictional rates’’ means rates accepted or established by the Commission for the transmission of electric energy in interstate commerce, the sale of electric energy at wholesale in interstate commerce, the transportation of natural gas in interstate commerce, and the sale in interstate commerce of natural gas for resale for ultimate public consumption for domestic, commercial, industrial, or any other use. (11) NATURAL GAS COMPANY.—The term ‘‘natural gas company’’ means a person engaged in the transportation of natural gas in interstate commerce or the sale of such gas in interstate commerce for resale. (12) PERSON.—The term ‘‘person’’ means an individual or company. (13) PUBLIC UTILITY.—The term ‘‘public utility’’ means any person who owns or operates facilities used for transmission of electric energy in interstate commerce or sales of electric energy at wholesale in interstate commerce. (14) PUBLIC-UTILITY COMPANY.—The term ‘‘public-utility company’’ means an electric utility company or a gas utility company. (15) STATE COMMISSION.—The term ‘‘State commission’’ means any commission, board, agency, or officer, by whatever name designated, of a State, municipality, or other political subdivision of a State that, under the laws of such State, has jurisdiction to regulate public utility companies.
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