- financial holding company
USAFinancial holding companies are entities created by the Financial Services Modernization Act of 1999 (Also known as the Gramm-Leach-Bliley Act (the Act)) that may engage in a broader range of financial activities than previously allowed. Such activities include securities dealing and underwriting, investment advisory services, insurance underwriting, merchant banking, asset-backed securities activities, and generally engaging in any non-banking activity authorized by the Bank Holding Company Act. The Federal Reserve Board is responsible for supervising the financial condition and activities of financial holding companies.Before the Act, securities firms could not engage in bank-related activities, banks could not engage in securities related activities and insurance companies could not engage in banking or securities related activities.To qualify as a financial holding company, a bank holding company must file a declaration with the appropriate Federal Reserve Bank and the Federal Reserve Board certifying that all of its depository institution subsidiaries are well capitalized and well managed.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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