Ga. Comp. R. & Regs. R. 80-7-1-.05 - Additional Authorized Activities

(1) General. A Georgia state branch or Georgia state agency shall not engage in any activity not authorized under O.C.G.A. § 7-1-1116 except as authorized by the Department in accordance with this rule.

(2) Request. A Georgia state branch or Georgia state agency may request the Department to determine whether an activity that is not otherwise authorized for the Georgia state branch or Georgia state agency should be authorized by the Department by rule or regulation under O.C.G.A. § 7-1-1116(c)(12)(A), or should be determined by the Department under O.C.G.A. § 7-1-1116(c)(12)(C) to be analogous or incidental to specific activities authorized by O.C.G.A. § 7-1-1116. At a minimum, the application shall:

(a) Be in letter format; be signed and acknowledged by a member of senior management of the foreign bank; if applicable, be submitted simultaneously with the federal notice or application to the FRB and include a complete copy of that notice or application;

(b) Describe in detail the proposed activity or activities; the names and relevant expertise of its officers and employees who will conduct the activities; and the manner in which the activities will be captured in the books and records of the Georgia state branch or Georgia state agency with due regard for separation of beneficial and legal interests;

(c) Describe in detail whether the activity is (i) permitted by the OCC for a foreign bank federal branch or agency and, if so, provide supporting information including copies of the authorizing document and identify all regulatory conditions, limitations and other requirements imposed by the OCC relating to the proposed activity; or (ii) not permitted by the OCC for a foreign bank federal branch or agency but has been permitted by a state banking agency and the FRB, and, if so, provide supporting information including copies of the authorizing document or documents and identify all regulatory conditions, limitations and other requirements imposed by the state or FRB relating to the proposed activity; and

(d) Include an analysis of the impact of the proposed activity on the condition of the operations of the Georgia state branch or Georgia state agency, including a copy, if available, of any feasibility study, management plan, financial projections, business plan, risk assessment, compliance plan, or similar documents concerning the conduct of the activity.

Notes

Ga. Comp. R. & Regs. R. 80-7-1-.05

O.C.G.A. §§ 7-1-61; 7-1-1109.

Original Rule entitled "Operating Restrictions." was filed on October 15, 1981; effective November 4, 1981. Amended: New title, "Additional Authorized Activities." F. Dec. 20, 2024; eff. Jan. 9, 2025.