Fla. Admin. Code Ann. R. 69U-120.670 - Investments/Deposits in Foreign Banks
(1) As
used in this rule, "foreign bank" means a person organized under the laws of a
foreign country, or of a dependency or insular possession of the United States
or a foreign country, which is principally engaged in the business of a
commercial bank; recognized as a bank by the appropriate supervisory or
monetary authorities of the country of its organization or principal banking
operations; receives deposits to a substantial extent in the regular course of
business; and has the power to accept demand deposits.
(2) State-chartered banks, trust companies,
and associations may invest in foreign bank deposits, both demand and time, of
the 20 percent risk weight category, as provided in 12 C.R.F.
ยง324.32(d)(2) (1-1-2020 Edition), which is adopted and incorporated herein
by reference and available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-12621,
up to an aggregate of 25 percent of the capital of the investing bank, trust
company, or association in all foreign banks within a foreign
country.
(3) The board of directors
of each bank, trust company, or association shall adopt standards and policies
for the investment of funds in foreign bank deposits. Such standards and
policies shall be reviewed and approved at least annually by the board of
directors with the approval recorded in the minutes of the meetings of the
board of directors.
(4) At a
minimum, the standards and policies shall include:
(a) A list of approved foreign banks whose
financial condition has been evaluated and which have been determined to be
operating in a safe and sound manner;
(b) A prescribed investment limitation for
each foreign bank;
(c) An aggregate
limitation on the currency of deposit; and,
(d) An aggregate investment amount for each
country in which an authorized foreign bank is organized, taking into
consideration both credit and transfer risk
assessments.
Notes
Rulemaking Authority 655.012(2) FS. Law Implemented 658.67(11), 665.013(32) FS.
New 11-14-94, Formerly 3C-120.670, Amended 1-18-21.
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