Ga. Comp. R. & Regs. R. 80-7-1-.09 - Recordkeeping and Reporting
(1) General. A Georgia state branch, Georgia
state agency, and Georgia state representative office shall comply with the
record keeping requirements in O.C.G.A. §
7-1-1102, all other applicable
recordkeeping and reporting requirements that apply to Georgia state banks, and
with any additional requirements that may be prescribed by the Department. A
Georgia state branch, Georgia state agency, Georgia state representative
office, and the foreign bank, shall furnish information relating to the affairs
of the foreign bank and its affiliates that the Department may from time to
time request.
(2) Regulatory
reports filed with other agencies. A foreign bank operating a Georgia state
branch, Georgia state agency, or Georgia state representative office shall
provide the Department with a comprehensive listing of reports filed with
federal and other Georgia state regulatory agencies that are specific and
limited to the Georgia office in question, together with a general summary
description of the contents of each report. This listing shall be provided by
the foreign bank within 30 days following a request from the Department, or
otherwise with such frequency and in such a format as may be specified by
procedures established by the Department. The Department shall advise the
foreign bank from time to time as to which of the reports identified by the
foreign bank shall be provided to the Department, with such reports to be
provided to the Department concurrently with or reasonably concurrently with
the provision of the report to the federal or other Georgia state regulatory
agency. If the foreign bank concludes in good faith that the sharing of a
report with the Department would be in violation of applicable law or
regulations, the foreign bank shall notify the Department in writing. A notice
provided to the Department under this subsection (2) shall include a
description of the federal or Georgia report that is not being provided to the
Department (to the extent not inconsistent with applicable federal and Georgia
law), as well as an explanation of the reasons the report is not being
provided.
(3) Maintenance of
accounts, books, and records.
(a) Each
Georgia state branch or Georgia state agency shall maintain a set of accounts,
books and records which reflect its transactions and operations that are
separate from those of the foreign bank and any other branch or agency. The
Georgia state branch or Georgia state agency shall keep a set of accounts,
books and records in English sufficient to permit the Department to examine the
condition of the Georgia state branch or agency and its compliance with
applicable laws and regulations.
(b) A Georgia state representative office
shall keep records in English sufficient to permit the Department to examine
the Georgia state representative office and its compliance with applicable laws
and regulations.
(c) Each Georgia
state branch, Georgia state agency, or Georgia state representative office
shall promptly provide any additional records requested by the Department for
examination or supervisory purposes. All documents shall be provided to the
Department in English and, where the document has been translated to English,
shall be translated consistent with translation standards and certifications
(if any) as directed or requested by the Department.
(d) A foreign bank with more than one Georgia
state branch or Georgia state agency shall designate one of those offices to
maintain consolidated asset pledge accounts for all Georgia state branches or
Georgia state agencies.
(4) Record of liabilities and assets. Except
as provided in subsection (6) of this Rule, every foreign bank licensed to
maintain one or more Georgia state branches or Georgia state agencies shall
maintain a record of the liabilities of the foreign bank appearing in the
books, accounts and records of those offices in Georgia as liabilities of such
Georgia state branch or branches or Georgia state agency or agencies as of the
close of business in accordance with Rule 80-7-1-.11. The record shall be
retained for the longer of (a) five years, (b) such period of time otherwise
specified by applicable federal or state law or regulation, or (c) until the
conclusion of the next examination of the Georgia state branch or Georgia state
agency by the Department and the issuance by the Department of the related
examination report. A foreign bank authorized to maintain more than one Georgia
state branch or Georgia state agency shall maintain the records on a Georgia
state branch or Georgia state agency on an office-by-office basis, unless the
Department has authorized maintenance on a consolidated basis for the Georgia
state branch and Georgia state agency offices, and provided that nothing in
such authorization shall limit any requirements under federal law for each
Georgia state branch or Georgia state agency to maintain records on a branch or
agency office-by-office basis. While no specific format for the record is
prescribed by this Rule, the record shall contain such information in
sufficient detail as will permit ready verification of its accuracy by the
Department.
(5) Records of Pledged
Assets. Each foreign bank licensed to maintain one or more Georgia state branch
or Georgia state agency shall maintain, in addition to the record required to
be maintained by subsection (4) of this Rule, an itemized record of pledged
assets for the account of the Department pursuant to O.C.G.A. §
7-1-1123 and Rule 80-7-1-.11. The
record shall include the then value of pledged assets, at the lower of the then
amortized cost or the then current fair value.
(6) Report of Pledged Assets. Each foreign
bank licensed to maintain one or more Georgia state branch or Georgia state
agency shall, in a form and at an interval to be prescribed by the Department,
prepare a report showing the pledged assets pursuant to O.C.G.A. §
7-1-1123 and section Rule
80-7-1-.11 and the calculation of the pledge required under Rule
80-7-1-.11.
(7) Suspicious
Activities. Every Georgia state branch, Georgia state agency, and Georgia state
representative office must comply with federal requirements regarding
sanctions, and for detecting and reporting suspicious activities. A copy of any
suspicious activity report filed by a Georgia state branch, a Georgia state
agency, or as Georgia state representative office shall be provided to the
Department upon request.
(8)
Authentication of Records and Reports. The records required to be maintained by
subsections (4) and (5) and the report required by subsection (6) of this Rule
shall be authenticated by the signature of a duly authorized officer of the
Georgia state branch or Georgia state agency.
(9) International banking facility. Unless
specifically exempted by the Department, the eligible assets and liabilities of
any international banking facility operated through the Georgia state branch or
agency must be included in the computation of eligible assets and liabilities
for purposes of Rule 80-7-1-.11.
Notes
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