Control Comment Notice For Free

Under the proposal, the Board would have presumed control if a company that controls 10 percent or more of any class of voting securities of a second company solicits proxies to appoint a number of directors that equals or exceeds a quarter of the total directors on the board of directors of the second company.

What is Regulation Y? Regulation Y governs the corporate practices of bank holding companies and certain practices of state-member banks. Regulation Y also describes transactions for which bank holding companies must seek and receive the Federal Reserve's approval.

Statutory Control Under the Bank Holding Company Act. The BHC Act defines ?control? in the following manner: a company (First Company) directly or indirectly owns, controls, or has power to vote 25 per centum or more of any class of voting securities of a company (Second Company);

Notices of intent that were recently published in the Canada Gazette, part I. The Canadian Food Inspection Agency (CFIA) may notify Canadians, members of the public and stakeholders of its intent to propose changes to acts or regulations by publishing notices in part I of the Canada Gazette.

(3) Nothing in paragraph (2) authorizes a section 2(h)(2) company to engage in (or acquire or hold more than 5 percent of the outstanding shares of any class of voting securities of a company engaged in) any banking, securities, insurance, or other financial activities, as defined by the Board, in the United States.

Background on ?Control? For purposes of the controlling influence prong, the BHCA establishes a presumption that an investor that directly or indirectly owns, controls, or has power to vote less than 5% of any class of a target's voting securities does not control the target.

The Bank Holding Company Act (BHCA) is a federal law passed in 1956. The law established regulations for bank holding companies and granted the Federal Reserve Board regulatory authority over bank holding companies. The law also prohibited these companies from owning non-banking companies.

§ 1843(c)(6). Section 4(c)(6) permits bank holding companies to make investments in shares of voting securities of a company that, in the aggregate, represent 5 percent or less of the outstanding shares of any class of voting securities of the company, subject to the provisions of section 225.137 of Regulation Y.

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