12 CFR 347.117 - General consent.
(a)General consent to establish or relocate a foreign branch. General consent of the FDIC is granted, subject to the written notification requirement contained in section 303.182(a) and consistent with the requirements of this subpart, for an:
(1) Eligible bank to establish a foreign branch conducting activities authorized by section 347.115 of this section in any foreign country in which:
(i) The bank already operates one or more foreign branches or foreign bank subsidiaries;
(ii) The bank's holding company operates a foreign bank subsidiary; or
(iii) An affiliated bank or Edge or Agreement corporation operates one or more foreign branches or foreign bank subsidiaries.
(2) Insured state nonmember bank to relocate an existing foreign branch within a foreign country.
(b)General consent to invest in a foreign organization. General consent of the FDIC is granted, subject to the written notification requirement contained in section 303.183(a) (unless no notification is required because the investment is acquired for trading purposes) and consistent with the requirements of this subpart, for an eligible bank to make investments in foreign organizations, directly or indirectly, if:
(1) The bank operates at least one foreign bank subsidiary or foreign branch, an affiliated bank or Edge or Agreement corporation operates at least one foreign bank subsidiary or foreign branch, or the bank's holding company operates at least one foreign bank subsidiary in the country where the foreign organization will be located;
(2) In any instance where the bank and its affiliates will hold 20 percent or more of the foreign organization's voting equity interests or control the foreign organization, at least one state nonmember bank has a foreign bank subsidiary or foreign branch (other than a shell branch) in the country where the foreign organization will be located; 3 and
3 A list of these countries can be obtained from the FDIC's Internet Web Site at http://www.fdic.gov.
(3) The investment is within one of the following limits:
(i) The investment is acquired at net asset value from an affiliate;
(ii) The investment is a reinvestment of cash dividends received from the same foreign organization during the preceding 12 months; or
(iii) The total investment, directly or indirectly, in a single foreign organization in any transaction or series of transactions during a twelve-month period does not exceed 2 percent of the bank's Tier 1 capital, and such investments in all foreign organizations in the aggregate do not exceed:
(A) 5 percent of the bank's Tier 1 capital during a 12-month period; and
(B) Up to an additional 5 percent of the bank's Tier 1 capital if the investments are acquired for trading purposes.
Title 12 published on 2015-12-05
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 347 after this date.
- 12 CFR 347.111 — Underwriting and Dealing Limits Applicable to Foreign Organizations Held by Insured State Nonmember Banks.
- 12 CFR 347.119 — Specific Consent.
- 12 CFR 347.120 — Computation of Investment Amounts.
- 12 CFR 303.182 — Establishing, Moving or Closing a Foreign Branch of an Insured State Nonmember Bank.
- 12 CFR 303.183 — Investment by Insured State Nonmember Banks in Foreign Organization.