Permissible activities for a foreign branch of an insured state nonmember bank.

CFR · 2024-01-01 · US · Title 12

In addition to its general banking powers and if permitted by the law of the state in which the bank is chartered, a foreign branch of a bank may conduct the following activities to the extent that they are consistent with banking practices in a foreign country where the bank maintains a branch: (a) (1) The guarantee or agreement specifies a maximum monetary liability; and (2) To the extent the guarantee or agreement is not subject to a separate amount limit under state or federal law, the amount of the guarantee or agreement is combined with loans and other obligations for purposes of applying any legal lending limits. (b) (1) Underwrite, distribute and deal, invest in, or trade obligations of: (i) The national government of the country in which the branch is located or its political subdivisions; and (ii) An agency or instrumentality of such national government if supported by the taxing authority, guarantee, or full faith and credit of the national government. (2) Underwrite, distribute and deal, invest in or trade obligations (i) The national government of any foreign country or its political subdivisions, to the extent permissible under the law of the issuing foreign country; and (ii) An agency or instrumentality of the national government of any foreign country to the extent permissible under the law of the issuing foreign country, if supported by the taxing authority, guarantee, or full faith and credit of the national government. (c) (i) Equity securities of the centr

official document · source cfr-2024 · id 12:§ 347.115