Approval for an insured state branch of a foreign bank to conduct activities not permissible for federal branches.

CFR · 2024-01-01 · US · Title 12

(a) Filing procedures—(1) (2) (i) A brief description of the activity, including the manner in which it will be conducted and an estimate of the expected dollar volume associated with the activity; (ii) An analysis of the impact of the proposed activity on the condition of the United States operations of the foreign bank in general and of the branch in particular, including a copy of the feasibility study, management plan, financial projections, business plan, or similar document concerning the conduct of the activity; (iii) A resolution by the applicant's board of directors, or evidence of approval by senior management if a resolution is not required pursuant to the applicant's organizational documents, authorizing the filing of the application; (iv) A statement by the applicant of whether it is in compliance with sections 347.209 and 347.210 of this chapter; (v) A statement by the applicant that it has complied with all requirements of the Board of Governors concerning applications to conduct the activity in question and the status of each such application, including a copy of the Board of Governors' disposition of such application, if applicable; and (vi) A statement of why the activity will pose no significant risk to the Deposit Insurance Fund. (3) (4) (b) Divestiture or cessation—(1) (2) (i) A detailed description of the manner in which the applicant proposes to divest itself of or cease the activity in question; and (ii) A projected timetable describing how long the di

official document · source cfr-2024 · id 12:§ 303.187