12 U.S. Code § 3107 - Representative offices

(a) Prior approval to establish representative offices
(1) In general
No foreign bank may establish a representative office without the prior approval of the Board.
(2) Standards for approval
In acting on any application under this paragraph to establish a representative office, the Board shall take into account the standards contained in section 3105 (d)(2) of this title and may impose any additional requirements that the Board determines to be necessary to carry out the purposes of this chapter.
(b) Termination of representative offices
The Board may order the termination of the activities of a representative office of a foreign bank on the basis of the standards, procedures, and requirements applicable under section 3105 (e) of this title with respect to branches and agencies.
(c) Examinations
The Board may make examinations of each representative office of a foreign bank, the cost of which shall be assessed against and paid by such foreign bank. The Board may also make examinations of any affiliate of a foreign bank conducting business in any State if the Board deems it necessary to determine and enforce compliance with this chapter, the Bank Holding Company Act of 1956 [12 U.S.C. 1841 et seq.], or other applicable Federal banking law.
(d) Compliance with State law
This chapter does not authorize the establishment of a representative office in any State in contravention of State law.

Source

(Pub. L. 95–369, § 10,Sept. 17, 1978, 92 Stat. 624; Pub. L. 102–242, title II, § 204,Dec. 19, 1991, 105 Stat. 2292; Pub. L. 102–550, title XVI, § 1604(a)(4),Oct. 28, 1992, 106 Stat. 4082; Pub. L. 106–102, title I, § 142(b),Nov. 12, 1999, 113 Stat. 1384.)
References in Text

For definition of “this chapter”, referred to in subsecs. (a)(2), (c), and (d), see References in Text note set out under section 3101 of this title.
The Bank Holding Company Act of 1956, referred to in subsec. (c), is act May 9, 1956, ch. 240, 70 Stat. 133, as amended, which is classified principally to chapter 17 (§ 1841 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1841 of this title and Tables.
Amendments

1999—Subsec. (c). Pub. L. 106–102inserted at end “The Board may also make examinations of any affiliate of a foreign bank conducting business in any State if the Board deems it necessary to determine and enforce compliance with this chapter, the Bank Holding Company Act of 1956, or other applicable Federal banking law.”
1992—Subsec. (b). Pub. L. 102–550substituted “section 3105 (e) of this title” for “paragraphs (1), (2), and (3) of section 3105 (d) of this title”.
1991—Pub. L. 102–242amended section generally. Prior to amendment, section read as follows:
“(a) Any foreign bank that maintains an office other than a branch or agency in any State shall register with the Secretary of the Treasury in accordance with rules prescribed by him, within one hundred and eighty days after September 17, 1978, or the date on which the office is established, whichever is later.
“(b) This chapter does not authorize the establishment of any such office in any State in contravention of State law.”
Effective Date of 1999 Amendment

Amendment by Pub. L. 106–102effective 120 days after Nov. 12, 1999, see section 161 ofPub. L. 106–102, set out as a note under section 24 of this title.
Effective Date of 1992 Amendment

Amendment by Pub. L. 102–550effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) ofPub. L. 102–550, set out as a note under section 191 of this title.
Moratorium on Examination Fees Under This Chapter

Pub. L. 103–328, title I, § 115(b),Sept. 29, 1994, 108 Stat. 2368, provided that: “The provision of section 10(c) of the International Banking Act of 1978 [12 U.S.C. 3107 (c)] relating to the cost of examinations under such section shall not apply with respect to any examination under such section which begins before or during the 3-year period beginning on July 25, 1994.”

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12 CFR - Banks and Banking

12 CFR Part 4 - ORGANIZATION AND FUNCTIONS, AVAILABILITY AND RELEASE OF INFORMATION, CONTRACTING OUTREACH PROGRAM, POST-EMPLOYMENT RESTRICTIONS FOR SENIOR EXAMINERS

12 CFR Part 25 - COMMUNITY REINVESTMENT ACT AND INTERSTATE DEPOSIT PRODUCTION REGULATIONS

12 CFR Part 28 - INTERNATIONAL BANKING ACTIVITIES

12 CFR Part 48 - RETAIL FOREIGN EXCHANGE TRANSACTIONS

12 CFR Part 211 - INTERNATIONAL BANKING OPERATIONS (REGULATION K)

12 CFR Part 237 - MARGIN AND CAPITAL REQUIREMENTS FOR COVERED SWAP ENTITIES (REGULATION KK)

12 CFR Part 261 - RULES REGARDING AVAILABILITY OF INFORMATION

12 CFR Part 263 - RULES OF PRACTICE FOR HEARINGS

 

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