Investor Clarity and Bank Parity Act

Bill: 114-hr-4096
Sponsor: full_name: Rep. Capuano, Michael E. [D-MA-7]
Introduced: 2015-11-19
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Financial services and investments

Securities
Latest action: action_date: 2016-04-27
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2015-11-19
action_desc: Introduced in House
text: <p><b>Investor Clarity and Bank Parity Act</b></p> <p>This bill amends the Bank Holding Company Act of 1956 to permit a hedge fund or private equity fund to share the same name, or a variation of the same name, as a banking entity that is an investment advisor to the hedge fund or private equity fund, if: </p> <ul> <li>the investment advisor is not an insured depository institution, a company that controls an insured depository institution, or a company treated as a bank holding company for purposes of the International Banking Act of 1978 relating to nonbanking activities of foreign banks;</li> <li>the investment advisor does not share the same name, or a variation of it, as an insured depository institution, a company that controls an insured depository institution, or a company treated as a bank holding company for the specified purposes of the International Banking Act of 1978; and </li> <li>the name does not contain the word &quot;bank.&quot;</li> </ul>

action_date: 2016-04-26
action_desc: Passed House without amendment
text: <p>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</p> <p><b>Investor Clarity and Bank Parity Act</b></p> <p>(Sec. 2) This bill amends the Bank Holding Company Act of 1956 to permit a hedge fund or private equity fund to share the same name, or a variation of the same name, as a banking entity that is an investment advisor to the hedge fund or private equity fund, if: </p> <ul> <li>the investment advisor is not an insured depository institution, a company that controls an insured depository institution, or a company treated as a bank holding company for purposes of the International Banking Act of 1978 relating to nonbanking activities of foreign banks;</li> <li>the investment advisor does not share the same name, or a variation of it, as an insured depository institution, a company that controls an insured depository institution, or a company treated as a bank holding company for the specified purposes of the International Banking Act of 1978; and </li> <li>the name does not contain the word &quot;bank.&quot;</li> </ul>

tv_txt: I 114th CONGRESS 1st Session H. R. 4096 IN THE HOUSE OF REPRESENTATIVES November 19, 2015 Mr. Capuano (for himself and Mr. Stivers ) introduced the following bill; which was referred to the Committee on Financial Services 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) .

tv_txt: I 114th CONGRESS 2d Session H. R. 4096 IN THE HOUSE OF REPRESENTATIVES AN ACT 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) .

Passed the House of Representatives April 26, 2016. Karen L. Haas, Clerk.

tv_txt: IIB 114th CONGRESS 2d Session H. R. 4096 IN THE SENATE OF THE UNITED STATES April 27, 2016 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT 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) .

Passed the House of Representatives April 26, 2016. Karen L. Haas, Clerk

tv_txt: IB Union Calendar No. 403 114th CONGRESS 2d Session H. R. 4096 [Report No. 114–523] IN THE HOUSE OF REPRESENTATIVES November 19, 2015 Mr. Capuano (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