Who must file?
An SLHC proposing to (i) engage de novo or to acquire or control a company engaged in a service or activity pursuant to section 238.53(b) of Regulation LL and (ii) commence BHC activities pursuant to section 238.54 of Regulation LL when the SLHC does not satisfy the requirements of sections 238.54(a)(1) and (2).
Publication requirements--newspaper/Federal Register
The Federal Reserve will publish a notice in the Federal Register.
For notices submitted pursuant to section 238.53, provide information required under sections 238.53(c)(1) or 238.53(c)(2). For applications submitted pursuant to section 238.54, provide a description of activity(ies) and the entity(ies) that would engage in the activity(ies).
Processing time frames
The Federal Reserve normally acts within 30 or 60 calendar days after receipt unless the Federal Reserve notifies the applicant that the processing period is being extended.
For applications submitted pursuant to section 238.54, the Federal Reserve would consider the factors in section 238.54(c).
Authority to consummate expires three months from the date of disposition unless extended by the Federal Reserve.