Approval of offices of foreign banks; procedures for applications; standards for approval; representative office activities and standards for approval; preservation of existing authority.

CFR · 2024-01-01 · US · Title 12

(a) (A) Establishes a branch, agency, commercial lending company subsidiary, or representative office in the United States; or (B) Acquires ownership or control of a commercial lending company subsidiary. (2) (A) An additional office (other than a domestic branch outside the home state of the foreign bank established pursuant to section 5(a)(3) of the IBA (12 U.S.C. 3103(a)(3))), provided that the Board has previously determined the foreign bank to be subject to comprehensive supervision or regulation on a consolidated basis by its home country supervisor ( (B) A representative office, if: ( ( ( (ii) The Board may waive the 45-day notice period if it finds that immediate action is required by the circumstances presented. The notice period shall commence at the time the notice is received by the appropriate Federal Reserve Bank. The Board may suspend the period or require Board approval prior to the establishment of such office if the notification raises significant policy or supervisory concerns. (3) (A) A representative office, but only if the Board has previously determined that the foreign bank proposing to establish a representative office is subject to consolidated comprehensive supervision; (B) A regional administrative office; or (C) An office that solely engages in limited administrative functions (such as separately maintaining back-office support systems) that: ( ( ( (4) (5) (6) (i) The foreign bank or banks resulting from the acquisition, merger, or consolidation,

official document · source cfr-2024 · id 12:§ 211.24