§ 1820a. — Examination of investment companies.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1820a]
TITLE 12--BANKS AND BANKING
CHAPTER 16--FEDERAL DEPOSIT INSURANCE CORPORATION
Sec. 1820a. Examination of investment companies
(a) Exclusive Commission authority
Except as provided in subsection (c) of this section, a Federal
banking agency may not inspect or examine any registered investment
company that is not a bank holding company or a savings and loan holding
company.
(b) Examination results and other information
The Commission shall provide to any Federal banking agency, upon
request, the results of any examination, reports, records, or other
information with respect to any registered investment company to the
extent necessary for the agency to carry out its statutory
responsibilities.
(c) Certain examinations authorized
Nothing in this section shall prevent the Corporation, if the
Corporation finds it necessary to determine the condition of an insured
depository institution for insurance purposes, from examining an
affiliate of any insured depository institution, pursuant to its
authority under section 1820(b)(4) of this title, as may be necessary to
disclose fully the relationship between the insured depository
institution and the affiliate, and the effect of such relationship on
the insured depository institution.
(d) Definitions
For purposes of this section, the following definitions shall apply:
(1) Bank holding company
The term ``bank holding company'' has the meaning given the term
in section 1841 of this title.
(2) Commission
The term ``Commission'' means the Securities and Exchange
Commission.
(3) Corporation
The term ``Corporation'' means the Federal Deposit Insurance
Corporation.
(4) Federal banking agency
The term ``Federal banking agency'' has the meaning given the
term in section 1813(z) of this title.
(5) Insured depository institution
The term ``insured depository institution'' has the meaning
given the term in section 1813(c) of this title.
(6) Registered investment company
The term ``registered investment company'' means an investment
company that is registered with the Commission under the Investment
Company Act of 1940 [15 U.S.C. 80a-1 et seq.].
(7) Savings and loan holding company
The term ``savings and loan holding company'' has the meaning
given the term in section 1467a(a)(1)(D) of this title.
(Pub. L. 106-102, title I, Sec. 115, Nov. 12, 1999, 113 Stat. 1371.)
References in Text
The Investment Company Act of 1940, referred to in subsec. (d)(6),
is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, as amended,
which is classified generally to subchapter I (Sec. 80a-1 et seq.) of
chapter 2D of Title 15, Commerce and Trade. For complete classification
of this Act to the Code, see section 80a-51 of Title 15 and Tables.
Codification
Section was enacted as part of the Gramm-Leach-Bliley Act, and not
as part of the Federal Deposit Insurance Act which comprises this
chapter.
Effective Date
Section effective 120 days after Nov. 12, 1999, see section 161 of
Pub. L. 106-102, set out as an Effective Date of 1999 Amendment note
under section 24 of this title.
