Predominantly engaged in activities that are financial or incidental thereto.

CFR · 2024-01-01 · US · Title 12

(a) For purposes of sections 201(a)(11) and 201(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (1) At least 85 percent of the total consolidated revenues of such company (determined in accordance with applicable accounting standards) for either of its two most recently completed fiscal years were derived, directly or indirectly, from financial activities, or (2) Based upon all of the relevant facts and circumstances, the consolidated revenues of the company from financial activities constitute 85 percent or more of the total consolidated revenues of the company. (b) For purposes of paragraph (a) of this section, the following definitions apply: (1) The term “applicable accounting standards” means the accounting standards utilized by the company in the ordinary course of business in preparing its consolidated financial statements, provided that those standards are: (i) U.S. generally accepted accounting principles, (ii) International Financial Reporting Standards, or (iii) Such other accounting standards that are determined to be appropriate on a case-by-case basis. (2) The terms “broker” and “dealer” have the same meanings as in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c). (3) The term “financial activity” means: (i) Lending, exchanging, transferring, investing for others, or safeguarding money or securities. (ii) Insuring, guaranteeing, or indemnifying against loss, harm, damage, illness, disability, or death, or providing and issuin

official document · source cfr-2024 · id 12:§ 380.8