holding company
(B)The term “holding company” shall not include— (i)a bank, savings association, or trust company, or their operating subsidiaries that own, control, or hold, with the power to vote, public utility or public utility holding company securities so long as the securities are— (I)held as collateral for a loan; (II)held in the ordinary course of business as a fiduciary; or (III)acquired solely for purposes of liquidation and in connection with a loan previously contracted for and owned beneficially for a period of not more than two years; or (ii)a broker or dealer that owns, controls, or holds with the power to vote public utility or public utility holding company securities so long as the securities are— (I)not beneficially owned by the broker or dealer and are subject to any voting instructions which may be given by customers or their assigns; or (II)acquired within 12 months in the ordinary course of business as a broker, dealer, or underwriter with the bona fide intention of effecting distribution of the specific securities so acquired.