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ARTICLE · 24 FEBRUARY 2020

Federal Reserve Board Adopts Final Control Regulation

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On January 30, 2020, the Federal Reserve Board (the "Board") adopted final rules (the "Final Control Regulation") to provide increased transparency and consistency around determining...

United StatesFinance and Banking
A&O Shearman
A&O Shearman
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On January 30, 2020, the Federal Reserve Board (the "Board") adopted final rules (the "Final Control Regulation") to provide increased transparency and consistency around determining when an investor company has "control" over a target company for purposes of the Bank Holding Company Act ("BHCA") and Home Owners' Loan Act ("HOLA").1] The concept of control under the BHCA has enormous regulatory consequences, and the Final Control Regulation represents a major undertaking by the Board to streamline a complex area of law by incorporating a clear set of factors and thresholds taken from a diverse web of precedents into an easily understandable framework of rebuttable presumptions of control. However, the Final Control Regulation appears to raise various interpretive issues and to leave significant room for continued consultation with Board staff on matters of controlling influence.

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