Sec. 114.2. Definitions

For purposes of this Part:

(a) Banking Law means the New York Banking Law.

(b) Banking organization means all banks, trust companies, private bankers, savings banks, safe deposit companies, savings and loan associations, credit unions and investment companies organized under the Banking Law.

(c) Company means a corporation, partnership, unincorporated association, limited liability company, or any other entity.

(d) Control means the possession, directly or indirectly, of the power to direct or cause the direction of management and policies of a company, whether by means of the ownership of the voting stock or equity interests of such company or of one or more persons controlling such company, by means of a contractual arrangement or otherwise. Control shall be presumed to exist if any company, directly or indirectly, owns, controls or holds with the power to vote 10 per centum or more of the voting stock or other equity interests of any company or of any company which owns, controls or holds with power to vote 10 per centum or more of the voting stock or other equity interests of such company.

(e) Equivalent supervision means a supervisory and regulatory regime meeting the standards required under the Financial Conglomerates Directive.

(f) Financial conglomerate means a group meeting the definition of financial conglomerate under the Financial Conglomerates Directive and having an investment company within its structure.

(g) Financial Conglomerates Directive means the European Union Financial Conglomerates Directive 2002/87/EC, as it may be amended from time to time.

(h) Investment company means a banking organization organized pursuant to the Banking Law and subject to the provisions of article XII of the Banking Law.

(i) Investment company holding company means the top tier corporation or other entity that controls an investment company.

(j) Subsidiary means a company at least 10 per centum of the voting stock or other equity interests of which is controlled directly or indirectly by an investment company holding company.

(k) Supervision agreement means an individual agreement entered into between a financial conglomerate and the superintendent which provides for a detailed plan of supervision by the superintendent over the financial conglomerate, including specific regulatory requirements applicable to the investment company holding company and its subsidiaries.