(1) The term owner means any person who, directly or indirectly:
(i) Owns, controls, or has the power to vote 25 percent or more of any class of voting securities or other voting interests of a foreign bank; or
(ii) Controls in any manner the election of a majority of the directors (or individuals exercising similar functions) of a foreign bank.
(2) For purposes of this definition:
(i) Members of the same family shall be considered to be one person.
(ii) The term same family means parents, spouses, children, siblings, uncles, aunts, grandparents, grandchildren, first cousins, stepchildren, stepsiblings, parents-in-law, and spouses of any of the foregoing.
(iii) Each member of the same family who has an ownership interest in a foreign bank must be identified if the family is an owner as a result of aggregating the ownership interests of the members of the family. In determining the ownership interests of the same family, any voting interest of any family member shall be taken into account.
(iv) Voting securities or other voting interests means securities or other interests that entitle the holder to vote for or to select directors (or individuals exercising similar functions).
(k) Person has the meaning provided in ยง 1010.100(mm).
(l) Physical presence means a place of business that:
(1) Is maintained by a foreign bank;
(2) Is located at a fixed address (other than solely an electronic address or a post-office box) in a country in which the foreign bank is authorized to conduct banking activities, at which location the foreign bank:
(i) Employs one or more individuals on a full-time basis; and
(ii) Maintains operating records related to its banking activities; and
(3) Is subject to inspection by the banking authority that licensed the foreign bank to conduct banking activities.


31 CFR § 1010.605

Scoping language

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