#aae? ,,congress  #b;d ,session  ,h4 ,r4
 #dgij  ,,an ,,act  ,to am5d ! ,volck]  
rule to give ! ,bo>d ( ,gov]nors ( !    
,f$]al ,res]ve ,sy/em sole rulemak+     
au?ority1 to exclude community banks f !
 requirem5ts ( ! ,volck] rule1 & = o!r  
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,volck] ,rule ,regulatory  
,h>monization ,act4  #b4 ,rulemak+      
au?ority "u ! ,volck] rule  7a7 ,9 g5]al
 ,p>agraph 7#b7 ( section #ac7;b7 ( !   
,bank ,hold+ ,company ,act ( #aief 7#ab 
,u4,s4,c4 #ahea7;b77#b77 is am5d$ to    
read z foll[s3  7#b7 ,rulemak+  7,a7 ,9 
g5]al ,! ,bo>d may1 z appropriate1      
consult ) ! ,comptroll] ( ! ,curr5cy1 ! 
,f$]al ,deposit ,insurance ,corporation1
 ! ,securities & ,ex*ange ,commission1  
or ! ,commodity ,futures ,trad+         
,commission to adopt rules or guidance  
to c>ry out ?is section1 z provid$ 9    
subp>agraph 7,b74  7,b7 ,rulemak+       
requirem5ts ,9 adopt+ a rule or guidance
 "u subp>agraph 7,a71 ! ,bo>d--  7i7    
%all consid] ! f9d+s ( ! report requir$ 

9 p>agraph 7#a7 &1 z appropriate1       
subsequ5t reports2  7ii7 %all assure1 to
 ! ext5t possible1 t su* rule or        
guidance provide = consi/5t application 
& implem5tation ( ! applicable          
provisions ( ?is section to avoid       
provid+ advantages or impos+            
disadvantages to ! companies affect$ by 
?is subsection & to protect ! safety &  
s\ndness ( bank+ entities & nonbank     
f9ancial companies sup]vis$ by ! ,bo>d2 
&  7iii7 %all include requirem5ts to    
ensure compliance ) ?is section1 su* z  
requirem5ts reg>d+ int]nal controls &   
recordkeep+4  7,c7 ,au?ority ,! ,bo>d   
%all h sole au?ority to issue & am5d    
rules "u ?is section aft] ! date ( !    
enactm5t ( ?is p>agraph4  7,d7 ,con=m+  
au?ority  7i7 ,cont9uity ( regulations  
,any rules or guidance issu$ "u ?is     
section prior to ! date ( enactm5t ( ?is
 p>agraph %all cont9ue 9 effect until ! 
,bo>d issues a successor rule or        
guidance1 or am5ds su* rule or guidance1
 pursuant to subp>agraph 7,c74  7ii7    

,applicable guidance ,9 p]=m+           
exam9ations or o!r sup]visory duties1 ! 
appropriate ,f$]al bank+ ag5cies1 !     
,securities & ,ex*ange ,commission1 & ! 
,commodity ,futures ,trad+ ,commission1 
z appropriate1 %all update any          
applicable policies & proc$ures to      
ensure t su* policies & proc$ures are   
consi/5t 7to ! ext5t practicable7 ) any 
rules or guidance issu$ pursuant to     
subp>agraph 7,c74  4  7b7 ,con=m+       
am5dm5ts ,section #ac ( ! ,bank ,hold+  
,company ,act ( #aief 7#ab ,u4,s4,c4    
#ahea7 is am5d$-- 7#a7 by /rik+ !       
appropriate ,f$]al bank+ ag5cies1 !     
,securities & ,ex*ange ,commission1 & ! 
,commodity ,futures ,trad+ ,commission1 
ea* place x appe>s & ins]t+ ! ,bo>d2    
7#b7 by /rik+ #8#8appropriate ,f$]al    
bank+ ag5cies1 ! ,securities & ,ex*ange 
,commission1 & ! ,commodity ,futures    
,trad+ ,commission'' ea* place x appe>s 
& ins]t+ #8#8,bo>d''2  7#c7 9 subsection
 7c77#e71 by /rik+ ,not)/&+ p>agraph    
7#b7 & all t foll[s ?r\gh provid$ 9     

subsection 7b77#b71 & ins]t+ ,! ,bo>d   
%all h ! au?ority2 &  7#d7 9 subsection 
7d77#a7-- 7,a7 9 subp>agraph 7,f77ii7-- 
7i7 by /rik+ ! appropriate ,f$]al bank+ 
ag5cies & ins]t+ ! ,bo>d2 &  7ii7 by    
/rik+ h n jo9tly & ins]t+ has n2 &  7,b7
 9 subp>agraph 7,g77viii71 by /rik+     
appropriate ,f$]al bank+ ag5cies1 !     
,securities & ,ex*ange ,commission1 or !
 ,commodity ,futures ,trad+ ,commission1
 & ins]t+ ,bo>d14  #c4 ,en=cem5t2       
anti-evasion  7a7 ,9 g5]al ,subsection  
7e7 ( section #ac ( ! ,bank ,hold+      
,company ,act ( #aief 7#ab ,u4,s4,c4    
#ahea7;e77 is am5d$ to read z foll[s3   
7e7 ,en=cem5t2 anti-,evasion  7#a7      
,appropriate ,f$]al bank+ ag5cy ,not)/&+
 any o!r provision ( law except = any   
rules or guidance issu$ "u subsection   
7b77#b71 :5ev] ! appropriate ,f$]al     
bank+ ag5cy has reasonable cause to     
believe t a bank+ entity or nonbank     
f9ancial company sup]vis$ by ! ,bo>d has
 made an inve/m5t or engag$ 9 an        
activity 9 a mann] t ei!r violates !    

re/rictions "u ?is section1 or t        
functions z an evasion ( ! requirem5ts (
 ?is section 7includ+ ?r\gh an abuse (  
any p]mitt$ activity71 su* appropriate  
,f$]al bank+ ag5cy %all ord]1 aft] due  
notice & opportunity = he>+1 ! bank+    
entity or nonbank f9ancial company      
sup]vis$ by ! ,bo>d to t]m9ate !        
activity &1 z relevant1 dispose ( !     
inve/m5t4  7#b7 ,securities & ,ex*ange  
,commission & ,commodity ,futures ,trad+
 ,commission  7,a7 ,9 g5]al ,not)/&+ any
 o!r provision ( law except = any rules 
or guidance issu$ "u subsection 7b77#b71
 :5ev] ! ,securities & ,ex*ange         
,commission or ! ,commodity ,futures    
,trad+ ,commission1 z appropriate1 has  
reasonable cause to believe t a cov]$   
nonbank f9ancial company = :i* !        
respective ag5cy is ! prim>y ,f$]al     
regulator has made an inve/m5t or engag$
 9 an activity 9 a mann] t ei!r violates
 ! re/rictions "u ?is section1 or t     
functions z an evasion ( ! requirem5ts (
 ?is section 7includ+ ?r\gh an abuse (  

any p]mitt$ activity71 ! ,securities &  
,ex*ange ,commission or ! ,commodity    
,futures ,trad+ ,commission1 z          
appropriate1 %all ord]1 aft] due notice 
& opportunity = he>+1 ! cov]$ nonbank   
f9ancial company to t]m9ate ! activity  
&1 z relevant1 dispose ( ! inve/m5t4    
7,b7 ,cov]$ nonbank f9ancial company    
def9$ ,9 ?is p>agraph1 ! t]m cov]$      
nonbank f9ancial company means a nonbank
 f9ancial company 7z def9$ 9 section    
#ajb ( ! ,f9ancial ,/ability ,act (     
#bjaj7 sup]vis$ by ! ,securities &      
,ex*ange ,commission or ! ,commodity    
,futures ,trad+ ,commission1 z          
appropriate4  4  7b7 ,rule ( con/ruction
 ,no?+ 9 ?is section %all be con/ru$ to 
abrogate1 r$uce1 or elim9ate ! backup   
au?ority ( ! ,f$]al ,deposit ,insurance 
,corporation au?ority "u ! ,dodd-,frank 
,wall ,/reet ,re=m & ,consum]           
,protection ,act 7#ab ,u4,s4,c4 #ecja et
 seq471 ! ,f$]al ,deposit ,insurance    
,act 7#ab ,u4,s4,c4 #ahaa71 or ,f$]al   
,deposit ,insurance ,corporation        

,improvem5t ,act ( #aiia4  #d4          
,exclusion ( community banks f ,volck]  
rule ,section #ac7;h77#a7 ( ! ,bank     
,hold+ ,company ,act ( #aief 7#ab       
,u4,s4,c4 #ahea7;h77#a77 is am5d$-- 7#a7
 9 subp>agraph 7,d71 by r$esignat+      
clauses 7i7 & 7ii7 z subclauses 7,i7 &  
7,,ii71 respectively1 & adju/+ ! m>g9s  
accord+ly2  7#b7 by r$esignat+          
subp>agraphs 7,a71 7,b71 7,c71 & 7,d7 z 
clauses 7i71 7ii71 7iii71 & 7iv71       
respectively1 & adju/+ ! m>g9s          
accord+ly2  7#c7 9 ! matt] prec$+ clause
 7i71 z s r$esignat$1 9 ! second s5t5ce1
 by /rik+ in/itution t functions solely 
9 a tru/ or fiduci>y capacity1 if-- &   
ins]t+ ! foll[+3  in/itution-- 7,a7 t   
functions solely 9 a tru/ or fiduci>y   
capacity1 if--  2  7#d7 9 clause        
7iv77,,ii71 z s r$esignat$1 by /rik+ !  
p]iod at ! end & ins]t+ 2 or2 &  7#e7 by
 add+ at ! end ! foll[+3  7,b7 t does n 
h & is n controll$ by a company t has-- 
7i7 m ?an #aj1jjj1jjj1jjj 9 total       
consolidat$ assets2 &  7ii7 total trad+ 

assets & trad+ liabilities1 z report$ on
 ! mo/ rec5t applicable regulatory fil+ 
fil$ by ! in/itution1 t are m ?an #e    
p]c5t ( total consolidat$ assets4  4    
,pass$ ! ,h\se ( ,repres5tatives ,april 
#ac1 #bjah4;,cl]k4