Foreign bank holding companies.

CFR · 2024-01-01 · US · Title 12

(a) Effective December 1, 1971, the Board of Governors has added a new § 225.4(g) to Regulation Y implementing its authority under section 4(c)(9) of the Bank Holding Company Act. The Board's views on some questions that have arisen in connection with the meaning of terms used in § 225.4(g) are set forth in paragraphs (b) through (g) of this section. (b) The term “activities” refers to nonbanking activities and does not include the banking activities that foreign banks conduct in the United States through branches or agencies licensed under the banking laws of any State of the United States or the District of Columbia. (c) A company (including a bank holding company) will not be deemed to be engaged in “activities” in the United States merely because it exports (or imports) products to (or from) the United States, or furnishes services or finances goods or services in the United States, from locations outside the United States. A company is engaged in “activities” in the United States if it owns, leases, maintains, operates, or controls any of the following types of facilities in the United States: (1) A factory, (2) A wholesale distributor or purchasing agency, (3) A distribution center, (4) A retail sales or service outlet, (5) A network of franchised dealers, (6) A financing agency, or (7) Similar facility for the manufacture, distribution, purchasing, furnishing, or financing of goods or services locally in the United States. (d) In the Board's opinion, section 4 (a)(1) o

official document · source cfr-2024 · id 12:§ 225.124