Notwithstanding the provisions of AS 06.05.235 and regulations adopted under that section, a holding company formed under this title may apply to the Federal Reserve System for status as a financial holding company. If the status is granted, the financial holding company has powers as a financial holding company authorized by the Federal Reserve System if
(1) at the time of application, the holding company provides the department with a complete copy of the application;
(2) the holding company provides the department with copies of all correspondence concerning the application;
(3) the holding company provides the department with a copy of the approval by the Federal Reserve System within 10 days after the holding company receives the approval; and
(4) the department does not issue a letter denying financial holding company status within 30 days after the approval by the Federal Reserve System.
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