; and (ii) may proceed with the examination only if the requested information is not provided by the Commission in a timely manner. (f) Limitation on control (1) In general Except as provided in paragraph (3) or (4), no industrial bank may be controlled, directly or indirectly, by a commercial firm. (2) Commercial firm defined For purposes of this section, the term commercial firm means any entity that derives any amount of revenue from activities that are not financial in nature, or incidental to a financial activity as defined in section 4(k). (3) Pre-2019 exclusions for certain industrial banks (A) Grandfathered institutions Paragraph (1) shall not apply with respect to any industrial bank— (i) that became an insured depository institution before October 1, 2019, or pursuant to an application for deposit insurance that was approved by the Federal Deposit Insurance Corporation before such date; and (ii) with respect to which there is no change in control, directly or indirectly, of the bank after September 30, 2019, that requires a registration under this section or an application under section 7(j) or 18(c) of the Federal Deposit Insurance Act (12 U.S.C. 1817(j), 1828(c)), section 3 of this Act, or section 10 of the Home Owners’ Loan Act (12 U.S.C. 1467a), except a direct or indirect change of control in which— (I) immediately prior to such change in control the acquiring company is a bank holding company, a financial holding company, a savings and loan holding company, or a holding company regulated by the Securities and Exchange Commission pursuant to section 240.15c3–1(a)(7) of title 17, Code of Federal Regulations, as in effect on August 1, 2019; (II) the resulting holding company is a bank holding company, a financial holding company, a savings and loan holding company, or a holding company regulated by the Securities and Exchange Commission pursuant to section 240.15c3–1(a)(7) of title 17, Code of Federal Regulations, as in effect on October 1, 2019