Ongoing requirements.

§ 611.1156 Ongoing requirements. A System institution that organizes or invests in a UBE must also comply with the following requirements: (a) Maintain and ensure FCA's access to all books, papers, records, agreements, reports and other documents of each UBE necessary to document and protect the institution's interest in each entity; (b) Divest, as soon as practicable, the institution's equity or beneficial interest in, and sever any relationship with a UBE: (1) That conducts activities beyond those authorized to carry out its limited purpose or that are contrary to the Act or FCA regulations, or as otherwise directed to do so by FCA; or (2) Where non-System persons or entities obtain control as defined under GAAP. This paragraph does not apply to UBEs formed for the purpose of acquiring and managing unusual or complex collateral associated with multiple-lender loan transactions in which non-System persons or entities are participants.