Definitions.

CFR · 2024-01-01 · US · Title 12

For purposes of this part, the following definitions shall apply: (1) U.S. generally accepted accounting principles (GAAP), if the company uses GAAP in the ordinary course of its business in preparing its consolidated financial statements; (2) International Financial Reporting Standards (IFRS), if the company uses IFRS in the ordinary course of its business in preparing its consolidated financial statements, or (3) Such other accounting standards that the Council, with respect to the definition of a nonbank financial company for purposes of Title I of the Dodd-Frank Act (other than with respect to the definition of a significant nonbank financial company), or the Board, with respect to the definition of a significant nonbank financial company, determines are appropriate on a case-by-case basis. (1) Incorporated or organized in a country other than the United States; and (2) Predominantly engaged in (including through a branch in the United States) financial activities as defined in § 242.3 of this part. (1) Is incorporated or organized under the laws of the United States or any State; (2) Is predominantly engaged in financial activities as defined in § 242.3 of this part; and (3) Is not— (i) A bank holding company; (ii) A Farm Credit System institution chartered and subject to the provisions of the Farm Credit Act of 1971 (12 U.S.C. 2001 (iii) A national securities exchange (or parent thereof), clearing agency (or parent thereof, unless the parent is a (iv) A board of trade d

official document · source cfr-2024 · id 12:§ 242.2