124 STAT. 1392 PUBLIC LAW 111–203—JULY 21, 2010 (C) NONBANK FINANCIAL COMPANY.—The term ‘‘nonbank financial company’’ means a U.S. nonbank finan- cial company and a foreign nonbank financial company. (D) NONBANK FINANCIAL COMPANY SUPERVISED BY THE BOARD OF GOVERNORS.—The term ‘‘nonbank financial com- pany supervised by the Board of Governors’’ means a nonbank financial company that the Council has deter- mined under section 113 shall be supervised by the Board of Governors. (5) OFFICE OF FINANCIAL RESEARCH.—The term ‘‘Office of Financial Research’’ means the office established under section 152. (6) PREDOMINANTLY ENGAGED.—A company is ‘‘predomi- nantly engaged in financial activities’’ if— (A) the annual gross revenues derived by the company and all of its subsidiaries from activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956) and, if applicable, from the owner- ship or control of one or more insured depository institu- tions, represents 85 percent or more of the consolidated annual gross revenues of the company; or (B) the consolidated assets of the company and all of its subsidiaries related to activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956) and, if applicable, related to the ownership or control of one or more insured depository institutions, represents 85 percent or more of the consoli- dated assets of the company. (7) SIGNIFICANT INSTITUTIONS.—The terms ‘‘significant nonbank financial company’’ and ‘‘significant bank holding com- pany’’ have the meanings given those terms by rule of the Board of Governors, but in no instance shall the term ‘‘signifi- cant nonbank financial company’’ include those entities that are excluded under paragraph (4)(B). (b) DEFINITIONAL CRITERIA.—The Board of Governors shall establish, by regulation, the requirements for determining if a com- pany is predominantly engaged in financial activities, as defined in subsection (a)(6). (c) FOREIGN NONBANK FINANCIAL COMPANIES.—For purposes of the application of subtitles A and C (other than section 113(b)) with respect to a foreign nonbank financial company, references in this title to ‘‘company’’ or ‘‘subsidiary’’ include only the United States activities and subsidiaries of such foreign company, except as otherwise provided. Subtitle A—Financial Stability Oversight Council SEC. 111. FINANCIAL STABILITY OVERSIGHT COUNCIL ESTABLISHED. (a) ESTABLISHMENT.—Ef fective on the date of enactment of this Act, there is established the Financial Stability Oversight Council. (b) MEMBERSHIP.—The Council shall consist of the following members: (1) VOTING MEMBERS.—The voting members, who shall each have 1 vote on the Council shall be— Effective date. 12 USC 5321. Regulations.
