---
kind: "section"
citation: "12 C.F.R. § 225.88"
title: "12"
number: "225.88"
heading: "How to request the Board to determine that an activity is financial in nature or incidental to a financial activity?"
url: "https://uscodex.org/cfr/12/225.88"
---

# §225.88. How to request the Board to determine that an activity is financial in nature or incidental to a financial activity?

- (a) **Requests regarding activities that may be financial in nature or incidental to a financial activity.** A financial holding company or other interested party may request a determination from the Board that an activity not listed in [§ 225.86](/cfr/12/225.86.md) is financial in nature or incidental to a financial activity.
- (b) **Required information.** A request submitted under this section must be in writing and must:
  - (1) Identify and define the activity for which the determination is sought, specifically describing what the activity would involve and how the activity would be conducted;
  - (2) Explain in detail why the activity should be considered financial in nature or incidental to a financial activity; and
  - (3) Provide information supporting the requested determination and any other information required by the Board concerning the proposed activity.
- (c) **Board procedures for reviewing requests—**
  - (1) **Consultation with the Secretary of the Treasury.** Upon receipt of the request, the Board will provide the Secretary of the Treasury a copy of the request and consult with the Secretary in accordance with section 4(k)(2)(A) of the BHC Act ([12 U.S.C. 1843(k)(2)(A)](/usc/12/1843.md?p=k-2-A)).
  - (2) **Public notice.** The Board may, as appropriate and after consultation with the Secretary, publish a description of the proposal in the Federal Register with a request for public comment.
- (d) **Board action.** The Board will endeavor to make a decision on any request filed under [paragraph (a)](#a) of this section within 60 calendar days following the completion of both the consultative process described in [paragraph (c)(1)](#c-1) of this section and the public comment period, if any.
- (e) **Advisory opinions regarding scope of financial activities—**
  - (1) **Written request.** A financial holding company or other interested party may request an advisory opinion from the Board about whether a specific proposed activity falls within the scope of an activity listed in [§ 225.86](/cfr/12/225.86.md) as financial in nature or incidental to a financial activity. The request must be submitted in writing and must contain:
    - (i) A detailed description of the particular activity in which the company proposes to engage or the product or service the company proposes to provide;
    - (ii) An explanation supporting an interpretation regarding the scope of the permissible financial activity; and
    - (iii) **Any additional information requested by the Board regarding the activity.**
  - (2) **Board response.** The Board will provide an advisory opinion within 45 calendar days of receiving a complete written request under [paragraph (e)(1)](#e-1) of this section.

## Notes

### Source

Source: Reg. Y, 66 FR 415, Jan. 3, 2001, unless otherwise noted.

### Authority

Authority: 12 U.S.C. 1817(j)(13), 1818, 1828(o), 1831i, 1831p-1, 1843(c)(8), 1844(b), 1972(1), 3106, 3108, 3310, 3331-3351, 3354, 3906, 3907, and 3909; 15 U.S.C. 1681s, 1681w, 6801 and 6805.

### Source

Source: Reg. Y, 49 FR 818, Jan. 5, 1984, unless otherwise noted.