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PUBLIC LAW 111–203—JULY 21, 2010 124 STAT. 1423

$50,000,000,000 or a nonbank financial company supervised
by the Board of Governors, as described in paragraph (1),
including any such company engaged in activities described
in section 4(k) of that Act.
(4) STANDARDS FOR REVIEW.—In addition to the standards
provided in section 4(j)(2) of the Bank Holding Company Act
of 1956 (12 U.S.C. 1843(j)(2)), the Board of Governors shall
consider the extent to which the proposed acquisition would
result in greater or more concentrated risks to global or United
States financial stability or the United States economy.
(5) HART-SCOTT-RODINO FILING REQUIREMENT.—Solely for
purposes of section 7A(c)(8) of the Clayton Act (15 U.S.C.
18a(c)(8)), the transactions subject to the requirements of para-
graph (1) shall be treated as if Board of Governors approval
is not required.

SEC. 164. PROHIBITION AGAINST MANAGEMENT INTERLOCKS 12 USC 5364.
BETWEEN CERTAIN FINANCIAL COMPANIES.
A nonbank financial company supervised by the Board of Gov-
ernors shall be treated as a bank holding company for purposes
of the Depository Institutions Management Interlocks Act (12 U.S.C.
3201 et seq.), except that the Board of Governors shall not exercise
the authority provided in section 7 of that Act (12 U.S.C. 3207)
to permit service by a management official of a nonbank financial
company supervised by the Board of Governors as a management
official of any bank holding company with total consolidated assets
equal to or greater than $50,000,000,000, or other nonaffiliated
nonbank financial company supervised by the Board of Governors
(other than to provide a temporary exemption for interlocks
resulting from a merger, acquisition, or consolidation).

SEC. 165. ENHANCED SUPERVISION AND PRUDENTIAL STANDARDS 12 USC 5365.
FOR NONBANK FINANCIAL COMPANIES SUPERVISED BY
THE BOARD OF GOVERNORS AND CERTAIN BANK HOLDING
COMPANIES.
(a) IN GENERAL.—
(1) PURPOSE.—In order to prevent or mitigate risks to
the financial stability of the United States that could arise
from the material financial distress or failure, or ongoing activi-
ties, of large, interconnected financial institutions, the Board
of Governors shall, on its own or pursuant to recommendations
by the Council under section 115, establish prudential stand-
ards for nonbank financial companies supervised by the Board
of Governors and bank holding companies with total consoli-
dated assets equal to or greater than $50,000,000,000 that—
(A) are more stringent than the standards and require-
ments applicable to nonbank financial companies and bank
holding companies that do not present similar risks to
the financial stability of the United States; and
(B) increase in stringency, based on the considerations
identified in subsection (b)(3).
(2) TAILORED APPLICATION.—
(A) IN GENERAL.—In prescribing more stringent
prudential standards under this section, the Board of Gov-
ernors may, on its own or pursuant to a recommendation

LAWS by the Council in accordance with section 115, differentiate among companies on an individual basis or by category, taking into consideration their capital structure, riskiness,PUBLIC with on anorris VerDate Nov 24 2008 15:46 Sep 08, 2010 Jkt 089139 PO 00203 Frm 00049 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 PUBL203