What is an “affiliate” for purposes of sections 23A and 23B and this part?

CFR · 2024-01-01 · US · Title 12

(a) For purposes of this part and except as provided in paragraphs (b) and (c) of this section, “affiliate” with respect to a member bank means: (1) (2) (3) (4) (5) (6) (ii) Any other investment fund for which the member bank or any affiliate of the member bank serves as an investment advisor, if the member bank and its affiliates own or control in the aggregate more than 5 percent of any class of voting securities or of the equity capital of the fund; (7) (8) (9) (ii) (iii) (A) No director, officer, or employee of the holding company serves as a director, trustee, or general partner (or individual exercising similar functions) of the company; (B) A person that is not affiliated or associated with the holding company owns or controls a greater percentage of the equity capital of the company than is owned or controlled by the holding company, and no more than one officer or employee of the holding company serves as a director or trustee (or individual exercising similar functions) of the company; or (C) A person that is not affiliated or associated with the holding company owns or controls more than 50 percent of the voting shares of the company, and officers and employees of the holding company do not constitute a majority of the directors or trustees (or individuals exercising similar functions) of the company. (iv) (v) (10) (11) (12) (b) “ (1) (i) A depository institution; (ii) A financial subsidiary; (iii) Directly controlled by: (A) One or more affiliates (other than depo

official document · source cfr-2024 · id 12:§ 223.2