[7]12 U.S.C. § 1843; 12 CFR 225 subpart C.[8] 12 U.S.C. §§ 371c and 371c-1; 12 CFR part 223.[9] 12 U.S.C. § 1841(a)(2), as implemented at 12 CFR 225.2(e) and 12 U.S.C. § 1467a(a)(2), as implemented by 12 CFR § 238.2(e).[10] 12 U.S.C. § 1841(a)(2)(B).[11] 12 U.S.C. § 1841(a)(2)(C).

Deposit Insurance Act (12 U.S.C. §1813), (ii) the entity is a “bank” as defined in section 2(a) of the Investment Company Act of 1940 (15 U.S.C. §80a-2); or(iii) the entity is a “bank” as defined in section 202(a) of the Investment Advisors Act (15 U.S.C. § 80b-2).Credit Union (Exemption #4)—An entity qualifies for this exemption if any of the following two criteria apply: (i) the entity is a “Federal credit union” as defined in section 101 of the Federal Credit Union Act (12 U.S.C. §1752), or (ii) the entity is a “State credit union” as defined in section 101 of the Federal Credit Union Act (12 U.S.C. §1752).Depository institution holding company (Exemption #5)—An entity qualifies for this exemption if either of the following two criteria apply: (i) the entity is a “bank holding company” as defined in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. §1841), or (ii) the entity is a “savings and loan holding company” as defined in section 10(a) of the Home Owners’ Loan Act (12 U.S.C. §1467a).Money transmitting business (Exemption # 6)—An entity qualifies for this exemption if either of the following two criteria apply: (i) the entity is a money-transmitting business registered with FinCEN under 31 U.S.C. §5330; or (ii) the entity is a money-services business registered with FinCEN under 31 C.R.F. §1022.380.Broker or dealer in securities (Exemption #7)—An entity qualifies for this exemption if both of the following criteria apply: (i) the entity is a “broker” or “dealer,” as those terms are defined in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. §78c), and (ii) the entity is registered under section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. §78o).Securities exchange or clearing agency (Exemption #8)—An entity qualifies for this exemption if both of the following criteria apply: (i) the entity is an “exchange” or “clearing agency” as those terms are defined in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. §78c), and (ii) the entit

t Insurance Act (12 U.S.C. § 1813), (ii) the entity is a “bank” as defined in section 2(a) of the Investment Company Act of 1940 (15 U.S.C. § 80a-2); or (iii) the entity is a “bank” as defined in section 202(a) of the Investment Advisors Act (15 U.S.C. § 80b-2).Credit Union (Exemption #4)—An entity qualifies for this exemption if any of the following two criteria apply: (i) the entity is a “Federal credit union” as defined in section 101 of the Federal Credit Union Act (12 U.S.C. § 1752), or (ii) the entity is a “State credit union” as defined in section 101 of the Federal Credit Union Act (12 U.S.C. § 1752).Depository institution holding company (Exemption #5)—An entity qualifies for this exemption if either of the following two criteria apply: (i) the entity is a “bank holding company” as defined in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. § 1841), or (ii) the entity is a “savings and loan holding company” as defined in section 10(a) of the Home Owners’ Loan Act (12 U.S.C. § 1467a).Money transmitting business (Exemption # 6)—An entity qualifies for this exemption if either of the following two criteria apply: (i) the entity is a money-transmitting business registered with FinCEN under 31 U.S.C. § 5330; or (ii) the entity is a money-services business registered with FinCEN under 31 C.R.F. § 1022.380.Broker or dealer in securities (Exemption #7)—An entity qualifies for this exemption if both of the following criteria apply: (i) the entity is a “broker” or “dealer,” as those terms are defined in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. § 78c), and (ii) the entity is registered under section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. § 78o).Securities exchange or clearing agency (Exemption #8)—An entity qualifies for this exemption if both of the following criteria apply: (i) the entity is an “exchange” or “clearing agency” as those terms are defined in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. § 78c), and (ii) the

ated entities.YOU ARE EXEMPT FROM THE CTA IF YOU CAN CHECK ANY OF THE FOLLOWING BOXES: A business concern that is an issuer of a class of securities registered under section 12 of the Securities Exchange Act of 1934 (15 U.S.C. 781) or that is required to file reports under section 15(d) of that Act (15 U.S.C. 78o(d)); A business concern constituted, sponsored, or chartered by a State or Indian Tribe, a political subdivision of a State or Indian Tribe, under an interstate compact between two or more States, by a department or agency of the United States, or under the laws of the United States; A depository institution (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813); A credit union (as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752); A bank holding company (as defined in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841)) or a savings and loan holding company (as defined in section 10(a) of the Home Owners’ Loan Act (12 U.S.C. 1467a(a)); A broker or dealer (as defined in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c)) that is registered under section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o); An exchange or clearing agency (as defined in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c)) that is registered under section 6 or 17A of the Securities Exchange Act of 1934 (15 U.S.C. 78fand 78q–1); An investment company (as defined in section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a–3)) or an investment adviser (as defined in section 202(11) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–2(11))), if the company or adviser is registered with the Securities and Exchange Commission, has filed an application for registration which has not been denied, under the Investment Company Act of 1940 (15 U.S.C. 80a–1et seq.) or the Investment Adviser Act of 1940 (15 U.S.C. 80b–1et seq.), or is an investment adviser described under section 203(l) of the Investment Ad

Nonetheless, there are statutory differences, including the following:HOLA applies to both individuals and companies that control other companies, while the BHC Act applies only to companies that control other companies. 12 U.S.C. 1467a(a)(2); 12 U.S.C. § 1841(a)(1).The BHC Act, unlike HOLA, contains a presumption of noncontrol where a company owns less than 5% voting interest in another company. 12 U.S.C. § 1841(a)(3).

See 12 U.S.C. § 1841; 12 U.S.C. § 1461. 12 U.S.C. § 1467a(a)(2); § 1841(a)(2); 12 CFR § 225.2(e), 238.

1 Generally banks or certain bank affiliates. The final rules define a “regulated liquidity provider” as a depository institution (as defined in Section 3 of the Federal Deposit Insurance Act); a bank holding company (as defined in 12 U.S.C. § 1841) or a subsidiary thereof; a savings and loan holding company (as defined in 12 U.S.C. § 1467a), provided all or substantially all of the holding company’s activities are permissible for a financial holding company under 12 U.S.C. § 1843(k) (or a subsidiary thereof); or a foreign bank (or a subsidiary thereof) the home country supervisor of which (as defined in Section 211.21 of Regulation K (12 CFR 211.