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Can you summarize 7 TXAC 3.54?
PLEDGE AND MAINTENANCE OF ASSETS BY FOREIGN BANK LICENSED TO MAINTAIN TEXAS STATE BRANCH OR AGENCY > Asset Deposit and Pledge Requirement Applicable to Branch or Agency with Only Nonrelated Other Liabilities
Short Summary
This document pertains to the asset deposit and pledge requirement applicable to foreign banks with Texas state branches or agencies that carry only nonrelated other liabilities on their books and records and do not carry nonrelated deposit liabilities. According to this document, foreign banks meeting the mentioned criteria are not required to pledge assets. However, the banking commissioner has the authority to require asset pledge based on certain factors. In such cases, the bank must comply with all provisions of this subchapter relating to the deposit and pledge of assets. This document was adopted on November 12, 2003.
Whom does it apply to?
Foreign banks with Texas state branches or agencies that carry only nonrelated other liabilities on their books and records and do not carry nonrelated deposit liabilities
What does it govern?
Asset Deposit and Pledge Requirement Applicable to Branch or Agency with Only Nonrelated Other Liabilities
What are exemptions?
Foreign banks meeting the criteria mentioned above are not required to pledge assets under this subchapter
What are the Penalties?
No specific penalties mentioned in this document
Jurisdiction
Texas