### Question
Can you define what functionally regulated subsidiary means?


### Answer
**Functionally regulated subsidiary** is defined as the following in *12 U.S.C. § 1844*:

> any company—


(A) that is not a bank holding company or a depository institution

#### Citation:
  - *12 U.S.C. § 1844*
  - Heading: **CHAPTER 17-BANK HOLDING COMPANIES**

