functionally regulated subsidiary
(5) Definition For purposes of this subsection, the term “functionally regulated subsidiary” means any company— (A) that is not a bank holding company or a depository institution; and (B) that is— (i) a broker or dealer that is registered under the Securities Exchange Act of 1934 [ 15 U.S.C. 78a et seq.]; (ii) a registered investment adviser, properly registered by or on behalf of either the Securities and Exchange Commission or any State, with respect to the investment advisory activities of such investment adviser and activities incidental to such investment advisory activities; (iii) an investment company that is registered under the Investment Company Act of 1940 [ 15 U.S.C. 80a–1 et seq.]; (iv) an insurance company, with respect to insurance activities of the insurance company and activities incidental to such insurance activities, that is subject to supervision by a State insurance regulator; or (v) an entity that is subject to regulation by, or registration with, the Commodity Futures Trading Commission, with respect to activities conducted as a futures commission merchant, commodity trading adviser, commodity pool, commodity pool operator, swap execution facility, swap data repository, swap dealer, major swap participant, and activities that are incidental to such commodities and swaps activities.