Section 211.10 of Regulation K
Who must file?
In addition to the applicable procedure for establishing foreign branches of Edge and agreement corporations contained in section 211.3(b) of Regulation K, and the applicable investment procedures contained in section 211.9 of Regulation K, a bank holding company, a member bank, or an Edge or agreement corporation, may directly or indirectly engage abroad in activities set out in section 211.10 of Regulation K. A prior notice must be provided to the Federal Reserve for certain securities activities as provided for in sections 211.10(a)(14), 211.10(a)(15), and 211.10(a)(18) of Regulation K. An application for the specific consent of the Federal Reserve must be submitted for activities not provided for under section 211.10(a) and (b) of Regulation K.
Publication requirements--newspaper/Federal Register
The information required in Form FR K-1 must be submitted. Note that a response should be provided for all report items. Please enter “not applicable” or “N/A,” where appropriate.
Processing time frames
The prior notice period to engage in certain securities activities abroad expires 30 calendar days after the notice is received by the Federal Reserve. Based on the circumstances presented, the Federal Reserve may waive a portion of the 30-day notice period, suspend processing of the notice, or act on the notice under the specific consent procedure.
The Federal Reserve normally acts on an application for specific consent within 60 calendar days after receipt unless the Federal Reserve notifies the applicant that the 60-day period is being extended.
For equity underwriting and dealing activities, the Federal Reserve considers the views of supervisory staff regarding whether the internal controls and policies and procedures of the organization are adequate for the proposed activity, as well as the overall financial and managerial condition of the banking organization.
For activities that are not listed in section 211.10(a) of Regulation K, the Federal Reserve considers whether the proposed activities are usual in connection with the transaction of the business of banking or other financial operations abroad and are consistent with the Federal Reserve Act or the Bank Holding Company Act, as well as the overall financial and managerial condition of the banking organization.
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