The board of directors may, from time to time, inquire into an undertaking or bank controlled by that undertaking referred to in paragraph 1 or require reports under oath from the competent officers or directors of that company or bank, for the sole purpose of ensuring compliance with and ensuring compliance with the provisions of this subdivision. The restrictions on the ownership and control of shares, assets or ownership shares by or on behalf of a subsidiary of a deposit-taking institution set out in point (H) of paragraph 4 shall not apply to a financial subsidiary (within the meaning of Section 24a of this Title) of a bank where the Board of Directors and the Minister of Finance jointly authorise the financial subsidiaries of banks to engage in trading banking activities. in accordance with Article 122 Gramm-Leach-Bliley. Act. The Board of Directors may refuse any proposed transaction or activity for which notification has been submitted in accordance with this Subsection if the bank holding company submitting such notification neglects, refuses or refuses to provide the Board of Directors with all the information requested by the Board of Directors to provide all the information requested by the Board of Directors. In the case of a merger, consolidation or other business combination, a financial holding company that carries on activities or holds shares in accordance with this Subsection, or a subsidiary of such a financial company, shall not be entitled to acquire assets of another entity carrying on an activity that the board of directors has not considered to be financially or related to a financial activity within the meaning of Subsection k. except in this paragraph, it does not apply to an entity that owns a broadcasting channel licensed under Title III of the Communication Act of 1934 [47 U.S.C] and whose shares have been under joint control with an insurance company since January 1, 1998, unless that company is acquired by a bank holding company or becomes a subsidiary, which, at the closing date of the acquisition or affiliation, is 1 of the 5 largest national banking companies (as defined on the basis of the consolidated balance sheet total of these companies). Section 25 of the Federal Reserve Act, referred to in subdivisions (c) (14) (E) and (f) (14) (A) (i), is classified in sub-chapter I (paragraphs 601 et seq.) of Chapter 6 of this Title. Section 25(a) of the Federal Reserve Act (12 U.S.C 611-631), referred to in subsection (c) (14) (E), was published by Pub. L. 102-242, Title I, § 142 (e) (2), 19 December 1991, 105 Stat. 2281 is rebreased in Section 25A of the Federal Reserve Act and is attached to Sub-Chapter II (paragraphs 611 et seq.) of Chapter 6 of this Title.
Milbank Financial Institutions Regulatory Partner Douglas Landy and James Kong Associates co-authored an article in The Review of Banking & Financial Services entitled Behind Closed Doors: The Use of 4(M) Agreements to Effect Federal Reserve Policy. The article discusses the Federal Reserve`s role in supervision and enforcement, a brief history of the activities of financial holding companies, and the regulatory response after the 2008 financial crisis. . . .