Reportable subsidiary
Reportable subsidiary means any subsidiary of a records entity that is incorporated or organized under U.S. federal law or the laws of any State that is not:
(1) A functionally regulated subsidiary as defined in 12 U.S.C. 1844(c)(5);
(2) A security-based swap dealer as defined in 15 U.S.C. 78c(a)(71); or
(3) A major security-based swap participant as defined in 15 U.S.C. 78c(a)(67).