[Code of Federal Regulations]
[Title 12, Volume 3, Parts 220 to 299]
[Revised as of January 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR225.88]

[Page 115]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 225--BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL (REGULATION Y)--Table of Contents
 
                 Subpart I--Financial Holding Companies
 
Sec. 225.88  How to request the Board to determine that an activity is financial in nature or incidental to a financial activity?

    (a) Requests regarding activities that may be financial in nature or 
incidental to a financial activity. A financial holding company or other 
interested party may request a determination from the Board that an 
activity not listed in Sec. 225.86 is financial in nature or incidental 
to a financial activity.
    (b) What information must the request contain? A request submitted 
under this section must be in writing and must:
    (1) Identify and define the activity for which the determination is 
sought, specifically describing what the activity would involve and how 
the activity would be conducted;
    (2) Explain in detail why the activity should be considered 
financial in nature or incidental to a financial activity; and
    (3) Provide information supporting the requested determination and 
any other information required by the Board concerning the proposed 
activity.
    (c) What action will the Board take after receiving a request? (1) 
Consultation with the Secretary of the Treasury. Upon receipt of the 
request, the Board will provide the Secretary of the Treasury a copy of 
the request and consult with the Secretary in accordance with section 
4(k)(2)(A) of the Bank Holding Company Act (12 U.S.C. 1843(k)(2)(A)).
    (2) Public notice. The Board may, as appropriate and after 
consultation with the Secretary, publish a description of the proposal 
in the Federal Register with a request for public comment.
    (d) When will the Board act on a request? The Board will endeavor to 
make a decision on any request filed under paragraph (a) of this section 
within 60 days following the completion of both the consultative process 
described in paragraph (c)(1) of this section and the public comment 
period, if any.
    (e) What should a financial holding company do if it has a question 
about the scope of a financial activity? (1) Written request. A 
financial holding company may request an advisory opinion from the Board 
about whether a specific proposed activity falls within the scope of an 
activity listed in Sec. 225.86 as financial in nature or incidental to a 
financial activity. The request must be submitted in writing and must 
contain:
    (i) A detailed description of the particular activity in which the 
company proposes to engage or the product or service the company 
proposes to provide;
    (ii) An explanation supporting an interpretation regarding the scope 
of the permissible financial activity; and
    (iii) Any additional information requested by the Board regarding 
the activity.
    (2) Board response. The Board will provide an advisory opinion 
within 45 days of receiving a complete written request under paragraph 
(b) of this section.

[Reg. Y, 65 FR 14439, Mar. 17, 2000]

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