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Can you summarize 12 CFR Part 211?
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM > INTERNATIONAL BANKING OPERATIONS (REGULATION K)
Short Summary
The provided legal document content covers various aspects related to foreign banking organizations and their operations in the United States. It includes regulations and procedures for the approval of offices of foreign banks, requirements for prior notice and approval, and standards for approval. The documents also address the activities permitted for representative offices and additional requirements for certain interstate applications. They provide definitions for terms related to international banking operations and clarify the meanings of terms used in relation to establishing, changing the status of, or relocating an office of a foreign bank. The documents also govern the interstate banking operations of foreign banking organizations, including determining the home state of a foreign bank and prohibiting covered interstate branches from being used as deposit production offices. They regulate the nonbanking activities of foreign banking organizations, including qualifying for exemptions and permissible activities and investments. The documents also govern the termination of activities of foreign banks operating representative offices, state branches, state agencies, or commercial lending company subsidiaries, outlining the grounds for termination and the termination procedures. They provide guidelines for the examination of offices and affiliates of foreign banks, including the frequency of examinations and discretionary standards for eligibility for extended examination cycles. The documents also address the disclosure of information obtained in the course of exercising supervisory or examination authority to foreign bank regulatory or supervisory authorities. They impose a limitation on loans to a single borrower for branches and agencies of foreign banks. The documents also govern the filing of applications by state branches and state agencies to engage in activities not permissible for federal branches, specifying the application requirements and exemptions. They outline the criteria for evaluating the operations of foreign banks not subject to comprehensive consolidated supervision, including factors such as assets and liabilities, supervision by the home country supervisor, internal controls, compliance with laws, and operating record. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
The documents apply to various entities, including member banks, Edge corporations, agreement corporations, bank holding companies, U.S. banking organizations engaged in international operations, investors, parent insured banks, and examiners of the appropriate bank supervisory agencies.
What does it govern?
The provided legal document content covers various aspects related to foreign banking organizations and their operations in the United States. It includes regulations and procedures for the approval of offices of foreign banks, requirements for prior notice and approval, and standards for approval. The documents also address the activities permitted for representative offices and additional requirements for certain interstate applications. They provide definitions for terms related to international banking operations and clarify the meanings of terms used in relation to establishing, changing the status of, or relocating an office of a foreign bank. The documents also govern the interstate banking operations of foreign banking organizations, including determining the home state of a foreign bank and prohibiting covered interstate branches from being used as deposit production offices. They regulate the nonbanking activities of foreign banking organizations, including qualifying for exemptions and permissible activities and investments. The documents also govern the termination of activities of foreign banks operating representative offices, state branches, state agencies, or commercial lending company subsidiaries, outlining the grounds for termination and the termination procedures. They provide guidelines for the examination of offices and affiliates of foreign banks, including the frequency of examinations and discretionary standards for eligibility for extended examination cycles. The documents also address the disclosure of information obtained in the course of exercising supervisory or examination authority to foreign bank regulatory or supervisory authorities. They impose a limitation on loans to a single borrower for branches and agencies of foreign banks. The documents also govern the filing of applications by state branches and state agencies to engage in activities not permissible for federal branches, specifying the application requirements and exemptions. They outline the criteria for evaluating the operations of foreign banks not subject to comprehensive consolidated supervision, including factors such as assets and liabilities, supervision by the home country supervisor, internal controls, compliance with laws, and operating record. No specific exemptions or penalties are mentioned in these documents.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
U.S. Federal Government