270.3a-6—Foreign banks and foreign insurance companies.
(a)
Notwithstanding section 3(a)(1)(A) or section 3(a)(1)(C) of the Act (15 U.S.C. 80a-3(a)(1)(A) or 80a-3(a)(1)(C) ), a foreign bank or foreign insurance company shall not be considered an investment company for purposes of the Act.
(1)
(i)
Foreign bank means a banking institution incorporated or organized under the laws of a country other than the United States, or a political subdivision of a country other than the United States, that is:
(1) Organized or incorporated under the laws of Canada or a political subdivision thereof;
(2) Regulated as a trust company or a loan company by that country's or subdivision's government or any agency thereof; and
(3) Not operated for the purpose of evading the provisions of the Act; and
(1) Organized under the laws of the United Kingdom or a political subdivision thereof;
(2) Regulated as a building society by the country's or subdivision's government or any agency thereof; and
(3) Not operated for the purpose of evading the provisions of the Act.
(iii)
Nothing in this section shall be construed to include within the definition of foreign bank a common or collective trust or other separate pool of assets organized in the form of a trust or otherwise in which interests are separately offered.
(2)
Engaged substantially in commercial banking activity means engaged regularly in, and deriving a substantial portion of its business from, extending commercial and other types of credit, and accepting demand and other types of deposits, that are customary for commercial banks in the country in which the head office of the banking institution is located.
(3)
Foreign insurance company means an insurance company incorporated or organized under the laws of a country other than the United States, or a political subdivision of a country other than the United States, that is:
(A)
The writing of insurance agreements of the type specified in section 3(a)(8) of the Securities Act of 1933 (15 U.S.C. 77c(a)(8) ), except for the substitution of supervision by foreign government insurance regulators for the regulators referred to in that section; or
(iii)
Not operated for the purpose of evading the provisions of the Act. Nothing in this section shall be construed to include within the definition of “foreign insurance company” a separate account or other pool of assets organized in the form of a trust or otherwise in which interests are separately offered.