; and (2) by redesignating subparagraphs (R) through (U) as subparagraphs (Q) through (T), respectively. (e) Closely related activities Section 4(c) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1843(c) ) is amended— (1) in paragraph (8), by striking had been determined and all that follows through the end and inserting the following: “are so closely related to banking so as to be a proper incident thereto, as provided under this paragraph or any rule or regulation issued by the Board under this paragraph, provided that for purposes of this paragraph, closely related shall not be considered to include— (A) serving as an investment adviser (as defined in section 2(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–2(a) )) to an investment company registered under that Act, including sponsoring, organizing, and managing a closed-end investment company; (B) agency transactional services for customer investments, except that this subparagraph may not be construed as prohibiting purchases and sales of investments for the account of customers conducted by a bank (or subsidiary thereof) pursuant to the bank’s trust and fiduciary powers; (C) investment transactions as principal, except for activities specifically allowed by paragraph (14); and (D) management consulting and counseling activities; ; (2) in paragraph (13), by striking or at the end; (3) by redesignating paragraph (14) as paragraph (15); and (4) by inserting after paragraph (13) the following: (14) purchasing, as an end user, any swap, to the extent that— (A) the purchase of any such swap occurs contemporaneously with the underlying hedged item or hedged transaction; (B) there is formal documentation identifying the hedging relationship with particularity at the inception of the hedge; and (C) the swap is being used to hedge against exposure to— (i) changes in the value of an individual recognized asset or liability or an identified portion thereof that is attributable to a particular risk; (ii) changes in interest rates