Except as provided in subsection (c), a Federal banking agency may not inspect or examine any registered investment company that is not a bank holding company or a savings and loan holding company.

The Commission shall provide to any Federal banking agency, upon request, the results of any examination, reports, records, or other information with respect to any registered investment company to the extent necessary for the agency to carry out its statutory responsibilities.

Nothing in this section shall prevent the Corporation, if the Corporation finds it necessary to determine the condition of an insured depository institution for insurance purposes, from examining an affiliate of any insured depository institution, pursuant to its authority under section 1820(b)(4) of this title, as may be necessary to disclose fully the relationship between the insured depository institution and the affiliate, and the effect of such relationship on the insured depository institution.

For purposes of this section, the following definitions shall apply:

(1) Bank holding company The term “bank holding company” has the meaning given the term in section 1841 of this title.

(2) Commission The term “Commission” means the Securities and Exchange Commission.

(3) Corporation The term “Corporation” means the Federal Deposit Insurance Corporation.

(4) Federal banking agency The term “Federal banking agency” has the meaning given the term in section 1813(z) of this title.

(5) Insured depository institution The term “insured depository institution” has the meaning given the term in section 1813(c) of this title.

(6) Registered investment company The term “registered investment company” means an investment company that is registered with the Commission under the Investment Company Act of 1940 [15 U.S.C. 80a–1 et seq.].

(7) Savings and loan holding company The term “savings and loan holding company” has the meaning given the term in section 1467a(a)(1)(D) of this title.

(Pub. L. 106–102, title I, § 115, Nov. 12, 1999, 113 Stat. 1371.)