Grandfather provision.

CFR · 2024-01-01 · US · Title 12

(a) (1) Those UBE formations or equity investments that received specific, written approval by FCA prior to the effective date of this regulation; and (2) Those UBE formations or equity investments that occurred prior to the effective date of this regulation to acquire or manage unusual or complex collateral associated with loans. (b) (1) Remain subject to their conditions of approval; (2) Are subject to the ongoing requirements of § 611.1156 and the disclosure and reporting requirements of § 611.1157; and (3) May not change or expand the authorized business activity, service, or function of the UBE as approved by FCA, add or increase the level of non-System ownership in the UBE to the extent such ownership is authorized under § 611.1153(j), or change control of the UBE as control is defined in § 611.1151 without giving written notice (4) A System institution may not proceed with any change or expansion as defined in paragraph (b)(3) of this section if the FCA notifies the institution before the end of the 10 business day advance notice period that the proposed change or expansion is material and must be submitted for FCA approval under the provisions of § 611.1155. (c)

official document · source cfr-2024 · id 12:§ 611.1158