Financial institutions; broadens definition. (HB443)

Introduced By

Del. Glenn Davis (R-Virginia Beach)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Financial institutions; definition. Broadens the definition of the term "financial institution," as used in Title 6.2, to include any entity that is defined as a financial institution under Subchapter IV (Payment, Clearing, and Settlement Supervision) of Chapter 53 (Wall Street Reform and Consumer Protection) of Title 12 of the U.S. Code. Under this federal definition, "financial institution" includes a depository institution, branch or agency of a foreign bank, foreign branch of a national banking association or banking corporation authorized to do foreign banking business pursuant to 25 or 25A of the Federal Reserve Act, credit union, broker or dealer as defined in 3 of the Securities Exchange Act of 1934, investment company, insurance company, investment adviser, futures commission merchant, commodity trading advisor, or commodity pool operator, or company engaged in activities that are financial in nature or incidental to a financial activity as described in section 4 of the Bank Holding Company Act of 1956, but does not include designated contract markets, registered futures associations, swap data repositories, and swap execution facilities registered under the Commodity Exchange Act or national securities exchanges, national securities associations, alternative trading systems, securities information processors solely with respect to the activities of the entity as a securities information processor, security-based swap data repositories, and swap execution facilities registered under the Securities Exchange Act of 1934, or designated clearing entities with respect to the activities that require the entity to be so registered. Amends § 6.2-100, of the Code of Virginia. Read the Bill »


Bill Has Failed


01/05/2014Prefiled and ordered printed; offered 01/08/14 14102324D
01/05/2014Referred to Committee on Commerce and Labor
01/12/2014Impact statement from SCC (HB443)
01/13/2014Assigned C & L sub: Subcommittee #2
01/23/2014Subcommittee recommends striking from docket
01/28/2014Stricken from docket by Commerce and Labor