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H.R. 4096 (114th): Investor Clarity and Bank Parity Act


The text of the bill below is as of Apr 26, 2016 (Reported by House Committee).


IB

Union Calendar No. 403

114th CONGRESS

2d Session

H. R. 4096

[Report No. 114–523]

IN THE HOUSE OF REPRESENTATIVES

November 19, 2015

(for himself and Mr. Stivers) introduced the following bill; which was referred to the Committee on Financial Services

April 26, 2016

Additional sponsor: Mr. Messer

April 26, 2016

Committed to the Committee of the Whole House on the State of the Union and ordered to be printed


A BILL

To amend the Volcker Rule to permit certain investment advisers to share a similar name with a private equity fund, subject to certain restrictions, and for other purposes.


1.

Short title

This Act may be cited as the Investor Clarity and Bank Parity Act.

2.

Naming restrictions

Section 13 of the Bank Holding Company Act of 1956 (12 U.S.C. 1851) is amended—

(1)

in subsection (d)(1)(G)(vi), by inserting before the semicolon the following:

, except that the hedge fund or private equity fund may share the same name or a variation of the same name as a banking entity that is an investment adviser to the hedge fund or private equity find, if—

(I)

such investment adviser is not an insured depository institution, a company that controls an insured depository institution, or a company that is treated as a bank holding company for purposes of section 8 of the International Banking Act of 1978;

(II)

such investment adviser does not share the same name or a variation of the same name as an insured depository institution, any company that controls an insured depository institution, or any company that is treated as a bank holding company for purposes of section 8 of the International Banking Act of 1978; and

(III)

such name does not contain the word bank

; and

(2)

in subsection (h)(5)(C), by inserting before the period the following: , except as permitted under subsection (d)(1)(G)(vi).

April 26, 2016

Committed to the Committee of the Whole House on the State of the Union and ordered to be printed