(i) Foreign branches may be established by any member bank with a capital and surplus of $1,000,000 or more, a peripheral company, a cartel company, a subsidiary whose shares are held directly by the member bank or any other subsidiary held under this subsection. In the event that a shareholders` agreement entered into by all or substantially all of the shareholders of a state-owned bank or bank holding company contains provisions other than those described above, you may consult with federal reserve employees to determine whether the agreement would result in the parties to the agreement being a „jointly acting group“ within the meaning of the Banking Supervision Amendment Act. You can also consult with Federal Reserve staff to find out if the period during which existing shareholders can exercise a right of first refusal is appropriate in the circumstances. (iii) whether the bank, the bank holding company and the peripheral and agreed companies are well capitalised and well managed; (5) Currencies. A periphery or agreement company may conduct foreign exchange activities. F) received from peripheral companies or contracts, foreign banks and other custodian banks (as described in Rule D (12 CFR Part 204); or (3) a member bank`s proposal to invest more than 10% of its capital and surplus in the total amount of shares held in all periphery and agreement companies. (1) Conditions of the contract. Any foreign bank that the Commission determines is not subject to the SCC may be required to enter into an agreement to conduct its business in the United States subject to such restrictions as the Commission considers appropriate, taking into account the criteria set out in paragraph (b) of this article, to ensure the safety and soundness of its operations in the United States. (2) Non-conclusion or non-compliance with agreements. A foreign bank to which the Board of Directors requests to enter into an agreement under paragraph (c)(1) of this Section and which does not do so or does not comply with the terms of that agreement may be subject to: (e) the application procedure. Applications under this section must be submitted to the relevant Federal Reserve Bank.
An application is not considered complete until it contains all the information requested by the Reserve Bank and has been accepted. Approval of such an application may be subject to the consent of the applicant to carry out the activity under certain conditions or restrictions. (i) Deposits of foreign governments and foreign persons. An on-board or agreement company may receive transaction accounts, savings deposits, and term deposits (including the issuance of negotiable certificates of deposit) in the United States from foreign governments and their agencies and instruments, as well as foreign individuals. (l) the protection of customer and consumer information. A perimeter or agreement company must comply with the interagency guidelines for setting information security standards that apply under Sections 501 and 505 of the Gramm-Leach-Bliley Act (15 U.S.C. 6801 and 6805), and with respect to the proper disposal of consumer information, section 216 of the Fair and Accurate Credit Transactions Act of 2003 (15 U.S.C. 1681w), see Exhibit D-2 in Part 208 of this Chapter. iv) Security debts or other consent to payments in the event of the occurrence of easily verifiable events (including, but not limited to, non-payment of taxes, rents, duties or transportation costs, as well as loss or non-conformity of shipping documents), provided that the guarantee or agreement determines the maximum monetary liability under this fact and is related to a type of transaction referred to in paragraph (a) paragraph 3, paragraphs (i) and (ii) of this section is described; and (1) progress reports. Each on-board or agreement company must submit progress reports to the board at the times prescribed by the board and in the form prescribed by the board. The Committee may request that status statements or other reports be published or made available to the public for inspection. (1) Warranties.
Guarantee debts or any other consent to payment in the event of easily verifiable events (including, but not limited to, non-payment of taxes, rents, duties or transportation costs, as well as loss or non-compliance of shipping documents) if the guarantee or agreement establishes maximum monetary liability; Unless the Member Bank is fully secured, it may not have any outstanding liabilities to any person under such guarantees or arrangements which, combined with other unsecured obligations of the same person, are set forth in Section 5200(a)(1) of the Revised Statutes (12 U.S.C. 84) for loans and loan extensions; (i) the composition of the assets of the Bank`s on-board and contracting companies; (b) Other activities. With the prior approval of the Commission, an on-board or agreed entity may be directly or indirectly involved in other activities in the United States that it considers ancillary to its international or foreign activities. .