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Can you summarize FLREG 69U-100.067?
FINANCIAL INSTITUTIONS GENERALLY > Subsidiaries Holding Institution-authorized Assets
Short Summary
This rule, found in the Florida Administrative Code, applies to state-chartered banks, associations, savings banks, or international agencies. It governs their investments in subsidiary corporations that only hold assets the institution may acquire or invest in directly. The rule allows such investments without limitation, as long as the individual investments, loans, or assets owned by the subsidiary corporation, when combined with other investments, loans, and assets of the same issuer, obligor, entity, person, or source owned by the institution and its other subsidiary corporations, do not exceed the applicable limitations of law. To be eligible for the exemption of this rule, any subsidiary corporation must be wholly owned by the state financial institution, except in the case of a subsidiary that qualifies as a real estate investment trust under the Internal Revenue Code of the United States of America, in which case the subsidiary may have additional shareholders as needed to qualify for such status, provided none of the additional shareholders has control of the subsidiary.
Whom does it apply to?
State-chartered banks, associations, savings banks, or international agencies.
What does it govern?
Investments by state-chartered banks, associations, savings banks, or international agencies in subsidiary corporations that only hold assets the institution may acquire or invest in directly.
What are exemptions?
Subsidiary corporations that qualify as real estate investment trusts under the Internal Revenue Code of the United States of America may have additional shareholders as needed to qualify for such status, provided none of the additional shareholders has control of the subsidiary.
What are the Penalties?
No penalties mentioned.
Jurisdiction
Florida