Conformance Period for Banking Entities Engaged in Prohibited Proprietary Trading or Private Fund Activities.

CFR · 2024-01-01 · US · Title 12

(a) (i) July 21, 2012; or (ii) Twelve months after the date on which final rules adopted under section 13(b)(2) of the Bank Holding Company Act (12 U.S.C. 1851(b)(2)) are published in the (2) (i) The conformance date determined in accordance with paragraph (a)(1) of this section; or (ii) Two years after the date on which the company becomes a banking entity or a subsidiary or affiliate of a banking entity. (3) (b) (i) The fund is an illiquid fund; and (ii) The acquisition or retention of such interest, or provision of additional capital, is necessary to fulfill a contractual obligation of the banking entity that was in effect on May 1, 2010. (2) (i) May not exceed 5 years beyond any conformance period granted under paragraph (a)(3) of this section; and (ii) Shall terminate automatically on the date during any such extension on which the banking entity is no longer under a contractual obligation described in paragraph (b)(1)(ii). (3) (i) A banking entity has a contractual obligation to take or retain an equity, partnership, or other ownership interest in an illiquid fund if the banking entity is prohibited from redeeming all of its equity, partnership, or other ownership interests in the fund, and from selling or otherwise transferring all such ownership interests to a person that is not an affiliate of the banking entity— (A) Under the terms of the banking entity's equity, partnership, or other ownership interest in the fund or the banking entity's other contractual arrangeme

official document · source cfr-2024 · id 12:§ 225.181