; (2) do not conduct significant off-balance sheet activities (including securitization and asset management or administration) either directly or through a nonbank subsidiary; and (3) do not have a material amount of debt or equity securities outstanding (other than trust preferred securities) that are registered with the Securities and Exchange Commission. (b) Exclusions The Board may exclude any bank holding company or savings and loan holding company, regardless of asset size, from the revision under subsection (a) if the Board determines that such action is warranted for supervisory purposes. (c) Conforming amendment Section 171(b)(5) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5371(b)(5) ) is amended by striking subparagraph (C) and inserting the following: (C) any bank holding company or savings and loan holding company that is subject to the application of appendix C of part 225 of title 12, Code of Federal Regulations (commonly known as the Small Bank Holding Company and Savings and Loan Holding Company Policy Statement ). .