§ 242.2 Definitions. For purposes of this part, the following definitions shall apply: *Applicable accounting standards.* The term “applicable accounting standards” with respect to a company means: ( 1 ) U.S. generally accepted accounting principles (GAAP), if the company uses GAAP in the ordinary course of its business in preparing its consolidated financial statements;
( 2 ) International Financial Reporting Standards (IFRS), if the company uses IFRS in the ordinary course of its business in preparing its consolidated financial statements, or
( 3 ) Such other accounting standards that the Council, with respect to the definition of a nonbank financial company for purposes of Title I of the Dodd-Frank Act (other than with respect to the definition of a significant nonbank financial company), or the Board, with respect to the definition of a significant nonbank financial company, determines are appropriate on a case-by-case basis.
*Foreign nonbank financial company.* The term “foreign nonbank financial company” means a company (other than a company that is, or is treated in the United States, as a bank holding company) that is— ( 1 ) Incorporated or organized in a country other than the United States; and
( 2 ) Predominantly engaged in (including through a branch in the United States) financial activities as defined in § 242.3 of this part.
*Nonbank financial company.* The term “nonbank financial company” means a U.S. nonbank financial company and a foreign nonbank financial company.
*Nonbank financial company supervised by the Board.* The term “nonbank financial company supervised by the Board” means a nonbank financial company or other company that the Council has determined under section 113 of the Dodd-Frank Act (12 U.S.C. 5323) should be supervised by the Board and for which such determination is still in effect.
*State.* The term “State” includes any State, commonwealth, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, American Samoa, Guam, and the United States Virgin Islands.
*U.S. nonbank financial company.* The term “U.S. nonbank financial company” means a company that— ( 1 ) Is incorporated or organized under the laws of the United States or any State;
( 2 ) Is predominantly engaged in financial activities as defined in § 242.3 of this part; and
( 3 ) Is not— ( i ) A bank holding company;
( ii ) A Farm Credit System institution chartered and subject to the provisions of the Farm Credit Act of 1971 (12 U.S.C. 2001 *et seq.*);
( iii ) A national securities exchange (or parent thereof), clearing agency (or parent thereof, unless the parent is a bank holding company), security-based swap execution facility, or security-based swap data repository that, in each case, is registered with the Securities and Exchange Commission as such; or
( iv ) A board of trade designated as a contract market (or parent thereof), a derivatives clearing organization (or parent thereof, unless the parent is a bank holding company), a swap execution facility, or a swap data repository that, in each case, is registered with the Commodity Futures Trading Commission as such.