Administrative Code

Virginia Administrative Code
Title 10. Finance and Financial Institutions
Agency 5. State Corporation Commission
4/18/2019

Chapter 130. Virginia Financial Institution Holding Companies

10VAC5-130-10. Filing of registration statements required.

Pursuant to the direction of § 6.2-702 of the Code of Virginia, every Virginia financial institution holding company (as defined in § 6.2-700 of the Code of Virginia) which was in existence as of November 1, 1978, shall register not later than December 31, 1978, by filing with the Bureau of Financial Institutions a copy of the registration statement it has filed with a federal agency pursuant to the Bank Holding Company Act (12 USC § 1841 ff et seq.), or pursuant to the Home Owners' Loan Act (12 USC § 1467a).

Any company which becomes a Virginia financial institution holding company after November 1, 1978, shall file with the Bureau of Financial Institutions, within 180 days of its becoming such a company, a copy of the registration statement it files with a federal agency under the provisions of the Bank Holding Company Act (12 USC § 1841 ff et seq.) or under the Home Owners' Loan Act (12 USC § 1467a).

Statutory Authority

6.2-713 of the Code of Virginia.

Historical Notes

Derived from VR225-01-1301, eff. December 27, 1978; amended, Virginia Register Volume 28, Issue 20, eff. June 1, 2012.

10VAC5-130-20. Reporting by Virginia financial institution holding companies.

Every company which has control over any Virginia financial institution (within the meaning of Chapter 7 (§ 6.2-700 et seq.) of Title 6.2 of the Code of Virginia) shall report annually by filing with the Bureau of Financial Institutions a copy of the report it submits to the federal regulatory agency requiring such reports. Excluded from the reporting requirement herein shall be any such company which, according to an applicable provision of the Bank Holding Company Act (12 USC § 1841 ff et seq.) is exempt from such reporting to a federal agency; or which acquires a controlling interest in a Virginia financial institution solely: (i) in a fiduciary capacity, (ii) in connection with the company's underwriting of securities or proxy solicitation, or (iii) in connection with the company's securing or collecting a debt.

Statutory Authority

§ 6.2-713 of the Code of Virginia.

Historical Notes

Derived from VR225-01-1302, eff. December 27, 1978; amended, eff. February 8, 1991; amended, Virginia Register Volume 28, Issue 20, eff. June 1, 2012.



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