Registration of a Securities Holding Company
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.
Purpose: The information is used by the Federal Reserve to ensure that a securities holding company 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.
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.
The panel consists of securities holding companies that elect to register to become supervised securities holding companies. The report is mandatory for companies that elect to register under Section 618.
The report is collected by the appropriate Reserve Bank when a securities holding company elects to become a supervised securities holding company. The registration becomes effective 45 days after the date the Board receives all required information, or within such shorter period as the Board, by rule or order, may determine.
Individual respondent data are available to the public upon request through the appropriate Reserve Bank. Respondents may request confidential treatment for any information submitted in or in connection with its registration that respondent believes is exempt from disclosure under the Freedom of Information Act (5 U.S.C. § 552). Data from the FR 2082 report are not published.
Last Update: April 4, 2016