12 CFR 16.2 - Definitions. | Title 12 - Banks and Banking | Code of Federal Regulations

§ 16.2

Definitions.

For purposes of this part, the following definitions apply:

(a) Accredited investor means the same as in Commission Rule 501(a) ( 17 CFR 230.501(a) ).

(b) Bank means an existing national bank, a national bank in organization, or a Federal branch or agency of a foreign bank.

(c) Commission means the Securities and Exchange Commission. When used in the rules, regulations, or forms of the Commission referred to in this part, the term “Commission” shall be deemed to refer to the OCC.

(d) Dealer means the same as in section 2(12) of the Securities Act (15 U.S.C. 77b(12) ).

(e) Exchange Act means the Securities Exchange Act of 1934 (15 U.S.C. 78a through 78jj).

(f) Insured depository institution means the same as in section 3(c)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1813(c)(2) ).

(g) Investment grade means that a security is rated investment grade (i.e., in one of the top four rating categories) by each nationally recognized statistical rating organization that has rated the security.

(h) Issuer means a bank that issues or proposes to issue any security.

(i) Nonconvertible debt means a general obligation of the bank, whether senior or subordinated, that is not convertible into any class of common or preferred stock or any derivative thereof.

(j) OCC means the Office of the Comptroller of the Currency.

(k) Person means the same as in section 2(2) of the Securities Act (15 U.S.C. 77b(2)) and includes a bank.

(l) Prospectus means an offering document that includes the information required by section 10(a) of the Securities Act (15 U.S.C. 77j(a) ).

(m) Registration statement means a filing that includes the prospectus and other information required by section 7 of the Securities Act (15 U.S.C. 77g ).

(n) Sale, sell, offer to sell, offer for sale, and offer mean the same as in section 2(3) of the Securities Act (15 U.S.C. 77b(3) ).

(o) Securities Act means the Securities Act of 1933 (15 U.S.C. 77a through 77aa).

(p) Security means the same as in section 2(1) of the Securities Act (15 U.S.C. 77b(1) ).

(q) Underwriter means the same as in section 2(11) of the Securities Act (15 U.S.C. 77b(11) ). Commission Rules 137, 140, 141, 142, and 144 ( 17 CFR 230.137, 230.140, 230.141, 230.142, and 230.144) (which apply to section 2(11) of the Securities Act) apply to this part.

[59 FR 54798, Nov. 2, 1994, as amended at 73 FR 22243, Apr. 24, 2008]

Title 12 published on 2012-01-01

The following are only the Rules published in the Federal Register after the published date of Title 12.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

2012-06-13; vol. 77 # 114 - Wednesday, June 13, 2012

77 FR 35253 - Alternatives to the Use of External Credit Ratings in the Regulations of the OCC

GPO FDSys XML | Text

Additional Documents

type	regulations.gov
FR Doc.	2012-14169
RIN	1557-AD36
Docket No.	ID OCC-2012-0005

DEPARTMENT OF THE TREASURY, Office of the Comptroller of the Currency

Final rule.

The final rule amending 12 CFR part 5 is effective on July 21, 2012. The final rules amending 12 CFR parts 1, 16, 28, and 160 are effective on January 1, 2013.

12 CFR Parts 1, 5, 16, 28, and 160

Summary

Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) contains two directives to Federal agencies including the OCC. First, section 939A directs all Federal agencies to review, no later than one year after enactment, any regulation that requires the use of an assessment of creditworthiness of a security or money market instrument and any references to, or requirements in, such regulations regarding credit ratings. Second, the agencies are required to remove any references to, or requirements of reliance on, credit ratings and substitute such standard of creditworthiness as each agency determines is appropriate. The statute further provides that the agencies shall seek to establish, to the extent feasible, uniform standards of creditworthiness, taking into account the entities the agencies regulate and the purposes for which those entities would rely on such standards. On November 29, 2011, the OCC issued a notice of proposed rulemaking (NPRM), seeking comment on a proposal to revise its regulations pertaining to investment securities, securities offerings, and foreign bank capital equivalency deposits to replace references to credit ratings with alternative standards of creditworthiness. The OCC also proposed to amend its regulations pertaining to financial subsidiaries of national banks to better reflect the language of the underlying statute, as amended by section 939(d) of the Dodd-Frank Act. Today, the OCC is finalizing those rules as proposed.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code

USC : Title 12 - BANKS AND BANKING

§ 1 - Office of the Comptroller of the Currency

§ 2 - Comptroller of the Currency; appointment; term

§ 3 - Oath of Comptroller

§ 4 - Deputy Comptrollers

§ 4a - Delegation of authority by Comptroller

§ 4b - Deputy Comptroller for the supervision and examination of Federal savings associations

§ 5, 6 - Repealed.

§ 7 - Chief of examining division

§ 8 - Clerks

§ 9 - Additional examiners, clerks, and other employees

§ 9a - Repealed.

§ 10 - Salaries of Deputy Comptrollers, examiners, and other employees as part of bank examination expenses

§ 11 - Interest in national banks

§ 12 - Seal of Comptroller

§ 13 - Rooms for Currency Bureau

§ 14 - Report of Comptroller

§ 15 - Repealed. Aug. 7, 1946, ch. 770,

§ 16 - Funding of Office

§ 93a - Authority to prescribe rules and regulations

Title 12 published on 2012-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 16 after this date.

2012-06-13; vol. 77 # 114 - Wednesday, June 13, 2012

77 FR 35253 - Alternatives to the Use of External Credit Ratings in the Regulations of the OCC

GPO FDSys XML | Text

Additional Documents

type	regulations.gov
FR Doc.	2012-14169
RIN	1557-AD36
Docket No.	ID OCC-2012-0005

DEPARTMENT OF THE TREASURY, Office of the Comptroller of the Currency

Final rule.

The final rule amending 12 CFR part 5 is effective on July 21, 2012. The final rules amending 12 CFR parts 1, 16, 28, and 160 are effective on January 1, 2013.

12 CFR Parts 1, 5, 16, 28, and 160

Summary

Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) contains two directives to Federal agencies including the OCC. First, section 939A directs all Federal agencies to review, no later than one year after enactment, any regulation that requires the use of an assessment of creditworthiness of a security or money market instrument and any references to, or requirements in, such regulations regarding credit ratings. Second, the agencies are required to remove any references to, or requirements of reliance on, credit ratings and substitute such standard of creditworthiness as each agency determines is appropriate. The statute further provides that the agencies shall seek to establish, to the extent feasible, uniform standards of creditworthiness, taking into account the entities the agencies regulate and the purposes for which those entities would rely on such standards. On November 29, 2011, the OCC issued a notice of proposed rulemaking (NPRM), seeking comment on a proposal to revise its regulations pertaining to investment securities, securities offerings, and foreign bank capital equivalency deposits to replace references to credit ratings with alternative standards of creditworthiness. The OCC also proposed to amend its regulations pertaining to financial subsidiaries of national banks to better reflect the language of the underlying statute, as amended by section 939(d) of the Dodd-Frank Act. Today, the OCC is finalizing those rules as proposed.

12 CFR 16.2 - Definitions.

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