Ga. Comp. R. & Regs. R. 80-7-1-.02 - Definitions
(1) For purposes of
this rule chapter, the following terms have the meanings assigned to them by
O.C.G.A. §
7-1-1100: "affiliate", "agency",
"bank", "bank supervisory agency", "branch" (when used in reference to an
office of a foreign bank), "control", "deposit", "depository institution",
"federal agency", "federal branch", "foreign bank", "functional regulatory
agency", "Georgia state agency", "Georgia state bank", "Georgia state branch",
"Georgia state representative office", "home state", "insolvency",
"International Banking Act", "national bank", "office of a foreign bank",
"out-of-state foreign bank", "representative office" (when used in reference to
an office of a foreign bank), "state", "state bank", "subsidiary", and "United
States."
(2) For purposes of this
rule chapter, the following terms shall have the meanings assigned to them
below:
(a) "Approved Depository" has the
meaning assigned in Rule 80-7-1-.11(a).
(b) "Commissioner" means the commissioner of
the Department.
(c) "Department"
means the Department of Banking and Finance.
(d) "Establish a Georgia state branch,
Georgia state agency or Georgia state representative office" means to:
1. Open and conduct permitted business
through an initial or additional Georgia state branch or Georgia state agency,
or open and engage in permitted representative activities at a Georgia state
representative office;
2. Acquire
directly or indirectly through merger, consolidation, or similar transaction
with another foreign bank, the operations of a Georgia state branch or Georgia
state agency that is open and conducting business or, in the case of a Georgia
state representative office, engaging in representative activities in Georgia
permitted for a Georgia state representative office;
3. Acquire a Georgia state branch, Georgia
state agency or Georgia state representative office through the acquisition of
a foreign bank that will cease to operate in the same corporate form following
the acquisition;
4. Convert a
federal branch or federal agency operated by a foreign bank in Georgia
controlled by a foreign bank, into a Georgia state branch, a Georgia state
agency or a Georgia state representative office;
5. Convert a loan production, deposit
production, or trust representative office operated in Georgia by a federal
branch of foreign bank, which is not located in Georgia, into a Georgia state
branch, a Georgia state agency or a Georgia state representative
office;
6. Relocate a foreign bank
state branch, state agency or state representative office from another state to
Georgia, through the establishment of a Georgia state branch, Georgia state
agency, or Georgia state representative office and a transfer of assets and/or
liabilities to the new Georgia location or by other means; or
7. Convert a Georgia state agency or Georgia
state representative office to a higher class of Georgia state foreign bank
office, in accordance with O.C.G.A. §§
7-1-1107 and
7-1-1111.
(e) "FDIC" means the Federal Deposit
Insurance Corporation.
(f) "Foreign
business" means any entity, including, but not limited to, a corporation,
limited liability company, partnership, sole proprietorship, association,
foundation, trust, or similar entity that is organized under the laws of a
foreign country, or any United States entity that is controlled by a foreign
entity or foreign national.
(g)
"Foreign country" means one or more nations other than the United States, and
includes the overseas territories, dependencies, and insular possessions of
those nations and of the United States (including the Commonwealth of Puerto
Rico).
(h) "FRB" means the Board of
Governors of the Federal Reserve System.
(i) "Highly rated foreign bank" has the
meaning assigned in Rule 80-7-1-.12.
(j) "Home country" means the foreign country
in which the foreign bank is chartered or incorporated.
(k) "Home country supervisor" means the
governmental entity or entities in the foreign bank's home country responsible
for supervising and regulating the foreign bank.
(l) "International banking facility" means a
set of asset and liability accounts segregated on the books and records of a
depository institution, Georgia state branch or Georgia state agency of a
foreign bank.
(m) "Managed" by a
Georgia state branch or Georgia state agency means that a majority of the
responsibility for business decisions, including decisions with regard to
lending, asset management, funding, or liability management, or the
responsibility for recordkeeping of assets or liabilities for a non-United
States office, resides at the Georgia state branch or Georgia state agency. For
purposes of this definition, forwarding data or information of offshore
operations gathered or compiled by the United States office in the normal
course of business to the foreign bank or its affiliates does not constitute
recordkeeping.
(n) "NRSRO" means a
Nationally Recognized Statistical Rating Organization designated by the federal
Securities and Exchange Commission
(o) "OCC" means the federal Office of the
Comptroller of the Currency.
(p)
"Foreign bank senior management" means individuals at the executive level of
the foreign bank who are responsible for supervising and authorizing activities
of the Georgia state branch, Georgia state agency or Georgia state
representative office.
(q) "Person"
means an individual or a corporation, government, limited liability company,
partnership, association, or any other entity.
(r) "Permitted Pledged Assets" has the
meaning assigned in Rule 80-7-1-.11(b).
(s) "Pledged Assets" has the meaning assigned
in Rule 80-7-1-.11(a).
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.