; and (ii) is— (I) in compliance with the applicable capital requirements of the appropriate Federal or State supervisory agency of the affiliate (including the Securities and Exchange Commission or State insurance authority); (II) properly registered as an investment adviser— (aa) under the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.); or (bb) with any State; or (III) is licensed as an insurance agent with the appropriate State insurance authority. (B) Rule of construction Subparagraph (A) shall not be construed as preventing the Board from imposing capital or capital adequacy rules, guidelines, standards, or requirements with respect to— (i) activities of a registered investment adviser other than with respect to investment advisory activities or activities incidental to investment advisory activities