# Regulation Y; Docket Nos. R-1057 and R-1062; Bank Holding Companies and Change in Bank Control
> **US Federal Reserve System** · Final rule. · Published 2001-01-03 · Effective 2001-02-02 · 66 FR 400
## Document
- **Document number:** 01-34
- **Category:** final-rule
- **Agency:** US Federal Reserve System
- **Federal Register citation:** 66 FR 400
- **CFR reference:** 12 CFR 225
- **Publication date:** 2001-01-03
- **Effective date:** 2001-02-02
## Abstract

The Board of Governors of the Federal Reserve System has adopted a final rule that implements the financial holding company provisions of the Gramm-Leach-Bliley Act. This final rule replaces the interim rules governing financial holding companies that the Board adopted previously. The final rule describes the procedures a domestic bank holding company and a foreign banking organization must follow and the capital, management, and Community Reinvestment Act requirements they must meet in order to qualify as a financial holding company. The final rule also contains provisions that apply to a financial holding company that subsequently ceases to meet the applicable requirements. In addition, the final rule lists the activities that the Gramm- Leach-Bliley Act defines as financial in nature and thereby authorizes a FHC to conduct. The final rule contains procedures that apply to a financial holding company that conducts those activities, a procedure that allows any interested party to request that the Board determine, in consultation with the Secretary of the Treasury, that additional activities are financial in nature or incidental to a financial activity and thus permissible for a financial holding company, and a procedure that allows a financial holding company to request the Board's prior approval to conduct an activity that is complementary to a financial activity. The final rule also amends Regulation Y to define the term "depository institution" and to revise the existing definitions of the terms "well capitalized" and "well managed," and makes conforming and other technical changes.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2001/01/03/01-34/regulation-y-docket-nos-r-1057-and-r-1062-bank-holding-companies-and-change-in-bank-control)
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