Nonbanking activities of foreign banking organizations.

CFR · 2024-01-01 · US · Title 12

(a) (1) Meet at least two of the following requirements: (i) Banking assets held outside the United States exceed total worldwide nonbanking assets; (ii) Revenues derived from the business of banking outside the United States exceed total revenues derived from its worldwide nonbanking business; or (iii) Net income derived from the business of banking outside the United States exceeds total net income derived from its worldwide nonbanking business; and (2) Meet at least two of the following requirements: (i) Banking assets held outside the United States exceed banking assets held in the United States; (ii) Revenues derived from the business of banking outside the United States exceed revenues derived from the business of banking in the United States; or (iii) Net income derived from the business of banking outside the United States exceeds net income derived from the business of banking in the United States. (b) (ii) The foreign banking organization shall include assets, revenues, and net income of companies in which it owns 50 percent or more of the voting shares when determining total assets, revenues, and net income. (iii) The foreign banking organization may include assets, revenues, and net income of companies in which it owns 25 percent or more of the voting shares, if all such companies within the organization are included. (2) Assets devoted to, or revenues or net income derived from, activities listed in § 211.10(a) shall be considered banking assets, or revenues or n

official document · source cfr-2024 · id 12:§ 211.23