Investor Clarity and Bank Parity Act

Bill: 115-hr-3093
Sponsor: full_name: Rep. Capuano, Michael E. [D-MA-7]
Introduced: 2017-06-28
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Financial services and investments

Securities
Latest action: action_date: 2017-12-12
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2017-06-28
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, with&nbsp;a banking entity that is an investment adviser&nbsp;to the hedge fund or private-equity fund, if: </p> <ul> <li>the investment adviser&nbsp;is not, and does not share the same name with,&nbsp;an insured depository institution, a company that controls an insured depository institution, or a company treated as a bank holding company for purposes of specified provisions of law&nbsp;relating to nonbanking activities of foreign banks; and </li> <li>the name does not contain the word "bank." </li></ul>

action_date: 2017-11-28
action_desc: Reported to House without amendment
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, with&nbsp;a banking entity that is an investment adviser&nbsp;to the hedge fund or private-equity fund, if: </p> <ul> <li>the investment adviser&nbsp;is not, and does not share the same name with,&nbsp;an insured depository institution, a company that controls an insured depository institution, or a company treated as a bank holding company for purposes of specified provisions of law&nbsp;relating to nonbanking activities of foreign banks; and </li> <li>the name does not contain the word "bank." </li></ul>

action_date: 2017-12-11
action_desc: Passed House without amendment
text: <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, with&nbsp;a banking entity that is an investment adviser&nbsp;to the hedge fund or private-equity fund, if: </p> <ul> <li>the investment adviser&nbsp;is not, and does not share the same name with,&nbsp;an insured depository institution, a company that controls an insured depository institution, or a company treated as a bank holding company for purposes of specified provisions of law&nbsp;relating to nonbanking activities of foreign banks; and </li> <li>the name does not contain the word "bank." </li></ul>

tv_txt: I 115th CONGRESS 1st Session H. R. 3093 IN THE HOUSE OF REPRESENTATIVES June 28, 2017 Mr. Capuano (for himself, Mr. Stivers , Mr. Meeks , Mr. Foster , and Mr. Gonzalez of Texas ) 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: IB Union Calendar No. 316 115th CONGRESS 1st Session H. R. 3093 [Report No. 115–426] IN THE HOUSE OF REPRESENTATIVES June 28, 2017 Mr. Capuano (for himself, Mr. Stivers , Mr. Meeks , Mr. Foster , and Mr. Gonzalez of Texas ) introduced the following bill; which was referred to the Committee on Financial Services November 28, 2017 Additional sponsor: Mr. Hultgren November 28, 2017 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) .

November 28, 2017 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

tv_txt: IB 115th CONGRESS 1st Session H. R. 3093 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 December 11, 2017. Karen L. Haas, Clerk.

tv_txt: IIB 115th CONGRESS 1st Session H. R. 3093 IN THE SENATE OF THE UNITED STATES December 12, 2017 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 December 11, 2017. Karen L. Haas, Clerk