Indiana § 28-13-17-8 - Financial subsidiary activities engaged in as principal or new financial subsidiary activities

§ 28-13-17-8. Financial subsidiary activities engaged in as principal or new financial subsidiary activities

Sec. 8. (a) A financial institution may not establish, control, or hold an interest of a financial subsidiary that engages in financial subsidiary activities as principal or commence any new financial subsidiary activity under this section or under 12 U.S.C. 1831w(a) unless the following occur:

(1) An application has been filed with the department before the financial subsidiary of the financial institution conducts financial subsidiary activities.

(2) The department determines that the financial subsidiary activity poses no significant adverse effects to the safety and soundness of the financial institution and approves the application. An approval under this subdivision may be made subject to conditions and restrictions determined necessary by the department to prevent unsafe or unsound banking practices.

(3) The financial institution and the financial subsidiary comply with 12 U.S.C. 371c and 12 U.S.C. 371c-1, as if the subsidiary were a financial subsidiary, as defined in 12 U.S.C. 371c(e)(1).

(4) All financial institution affiliates of the financial institution are well-capitalized, as defined in the appropriate capital regulation and guidance of each financial institution's primary federal regulator, and the financial institution complies with the capital deduction requirement in accordance with 12 CFR 362.4(e)(1) through 12 CFR 362.4(e)(3), discloses that capital separation in any published financial statements and does not consolidate the financial subsidiary's assets and liabilities with those of the financial institution in any published financial statements.

(5) The financial institution and the financial subsidiary meet the financial and operational safeguards applicable to a financial subsidiary of a national bank conducting the same activities as provided in 12 U.S.C. 24a(d).

(b) A financial institution that controls or holds an interest in a financial subsidiary engaged in a financial subsidiary activity must comply with the requirements of subsection (a)(2) through (a)(5), as long as the financial institution's financial subsidiary is engaged in the financial subsidiary activity.

As added by P.L.63-2001, SEC.28 and P.L.134-2001, SEC.30.

IC 28-14ARTICLE 14. CORPORATE FIDUCIARIES

Ch. 1.Definitions Ch. 2.Application Ch. 3.Powers and Duties Ch. 4.Real Estate Powers of Corporate Fiduciaries Ch. 5.Investments of Corporate Fiduciaries Ch. 6.Books and Records of Corporate Fiduciaries Ch. 7.Requirements and Prohibitions Applying to Corporate Fiduciaries Ch. 7.5.Conservatorship of Corporate Fiduciaries Ch. 8.Rulemaking

IC 28-14-1Chapter 1. Definitions

28-14-1-1Definitions applicable to article 28-14-1-2"Acting as a fiduciary" 28-14-1-3"Clearing corporation" 28-14-1-4"Corporate fiduciary" 28-14-1-5"Department" 28-14-1-6"Director" 28-14-1-7"Person" 28-14-1-8"The trust business" 28-14-1-9"Subsidiary"