C.F.R. » Title 12 » CHAPTER II—FEDERAL RESERVE SYSTEM › SUBCHAPTER A—BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM › PART 224—BORROWERS OF SECURITIES CREDIT (REGULATION X)

12 C.F.R. § 224.2

Definitions

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The terms used in this part have the meanings given to them in sections 3(a) and 7(f) of the Act, and in Regulations T and U. Section 7(f) of the Act contains the following definitions:

(a) United States person includes a person which is organized or exists under the laws of any State or, in the case of a natural person, a citizen or resident of the United States; a domestic estate; or a trust in which one or more of the foregoing persons has a cumulative direct or indirect beneficial interest in excess of 50 per centum of the valve of the trust.

(b) United States security means a security (other than an exempted security) issued by a person incorporated under the laws of any State, or whose principal place of business is within a State.

(c) Foreign person controlled by a United States person includes any noncorporate entity in which United States persons directly or indirectly have more than a 50 per centum beneficial interest, and any corporation in which one or more United States persons, directly or indirectly, own stock possessing more than 50 per centum of the total combined voting power of all classes of stock entitled to vote, or more than 50 per centum of the total value of shares of all classes of stock.

[Reg. X, 48 FR 56572, Dec. 22, 1983, as amended by Reg. X, 63 FR 2839, Jan. 16, 1998]
Notes of Decisions
Cited in 7 cases, 1973–1982 · leading case: Fed. Sec. L. Rep. P 95,800 Gordon F. B. Ondis v. Fred H. Barrows, Jr., 538 F.2d 904 (1st Cir. 1976).
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Fed. Sec. L. Rep. P 95,800 Gordon F. B. Ondis v. Fred H. Barrows, Jr., 538 F.2d 904 (1st Cir. 1976). “See 12 C.F.R. § 224.2 (a)(3). 2 . Of the five categories defined in § 221.”
Pabst Brewing Co. v. Kalmanovitz, 551 F. Supp. 882 (D. Del. 1982). “Regulation X, 12 C.F.R. § 224.2 (a) (1982), promulgated by the Federal Reserve Board under Section 7 of the Exchange Act 3 provides in pertinent part: *886 A borrower shall- not obtain any purpose credit from within the United States unless he does so in compliance with the…”
Kaufman & Broad, Inc. v. Belzberg, 522 F. Supp. 35 (S.D.N.Y. 1981). “” 12 C.F.R. § 224.2 (b)(1). K & B argues that First City is “acting on behalf of or in conjunction with” a U.”
Sec. & Exch. Comm'n v. Provident Sec., Inc., 452 F. Supp. 477 (S.D.N.Y. 1978). · cites it 2× “As noted above, Regulation T bars a broker from arranging for the extension to his customer of a loan collaterized by securities not registered on a national securities exchange or included in the Federal Reserve Board’s list of over-the-counter margin stocks.”
Schy v. Fed. Deposit Ins. Corp., 465 F. Supp. 766 (E.D.N.Y 1977). “12 C.F.R. § 224.2 provides in pertinent part: (a) Credit obtained from within the United States.”
Thomson McKinnon Sec., Inc. v. Hornung, 69 A.D.2d 118 (N.Y. App. Div. 1979). “To effectuate the purposes of this amendment, the Board of Governors of the Federal Reserve System adopted regulation X (12 CFR 224 et seq.”
Sec. & Exch. Com'n v. Packer, Wilbur & Co., Inc., 362 F. Supp. 510 (S.D.N.Y. 1973). “12 C.F.R. § 224.2 (1972). See Note: Regulation X and Investor-Lender Margin Violation Disputes, 57 Minn.”
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