Board of Governors of the Federal Reserve System

FR 2082
Registration of a Securities Holding Company

Form:

Current (95.6 KB .PDF)

Instructions:

Current (33.5 KB .PDF)

Description:

The reporting requirements associated with Regulation OO implement section 618 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which permits nonbank companies that own at least one registered securities broker or dealer, and that are required by a foreign regulator or provision of foreign law to be subject to comprehensive consolidated supervision, to register with the Board and subject themselves to supervision by the Board. The 2082 registration form asks for information on: the organization chart (including all subsidiaries), shareholders, senior officers and directors, methods used to monitor and control its operations, and foreign bank subsidiaries and the bank regulatory system in which these foreign bank subsidiaries operate.

OMB Control Number:

7100-0347

Purpose:

The information is used by the Federal Reserve to ensure that a securities holding company (SHC) satisfies the requirements to make an effective registration to become a supervised securities holding company. The information also will help inform the supervision of a securities holding company by providing the Federal Reserve with an understanding of, among other things, the company's organizational structure, capital structure, and financial condition.

Background:

The Dodd-Frank Act was enacted into law on July 21, 2010. Section 618 of the Dodd-Frank Act permits a company that owns at least one registered securities broker or dealer (a nonbank securities company), and that is required by a foreign regulator or provision of foreign law to be subject to comprehensive consolidated supervision, to register with the Board as a securities holding company and become subject to supervision and regulation by the Board. A securities holding company that registers with the Board under section 618 is subject to the full examination, supervision, and enforcement regime applicable to a registered bank holding company, including capital requirements set by the Board (although the statute allows the Board to modify its capital rules to account for differences in activities and structure of securities holding companies and bank holding companies). Section 618 also makes a registered securities holding company subject to all of the provisions of the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act) in the same manner as a bank holding company, other than the restrictions on nonbanking activities contained in section 4 of the BHC Act.

Respondent Panel:

The panel comprises certain nonbank companies that own at least one registered securities broker or dealer and which elect to become a supervised SHC.

Frequency:

The form is filed on a one-time basis when an SHC elects to register as a supervised SHC. The registration becomes effective 45 calendar days after the date the Board receives all required information, or within such shorter period if the Board notifies the SHC in writing.

Public Release:

The Board does not routinely publicly release information collected through the FR 2082. Firms may request certain information provided in connection with the FR 2082 be kept confidential under the Freedom of Information Act (FOIA) in accordance with the Board's Rules Regarding Availability of Information. Confidential commercial or financial information that is both customarily and actually treated as private may be kept confidential under FOIA exemption 4 (12 U.S.C. § 552(b)(4)). Personal and biographical information of individuals required as part of the registration may be treated as confidential under FOIA exemption 6 if its disclosure "would constitute a clearly unwarranted invasion of personal privacy" (12 U.S.C. § 552(b) (6)).

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