Covered Subsidiary [Banks & Banking] Law and Legal Definition

Pursuant to 12 USCS § 5381 (9) [Title 12. Banks and Banking; Chapter 53. Wall Street Reform and Consumer Protection; Orderly Liquidation Authority], the term covered subsidiary means “a subsidiary of a covered financial company, other than--

(A) an insured depository institution;

(B) an insurance company; or

(C) a covered broker or dealer.”