12 C.F.R. Subpart A—Foreign Operations of National Banks
Title 12 - Banks and Banking
(a) Authority. This subpart is issued pursuant to 12 U.S.C. 1 et seq., 24(Seventh), 93a, and 602. (b) Purpose. This subpart sets forth filing requirements for national banks that engage in international operations and clarifies permissible foreign activities of national banks. (c) Scope. This subpart applies to any national bank that engages in international operations through a foreign branch, or acquires an interest in an Edge corporation, Agreement corporation, foreign bank, or certain other foreign organizations. For purposes of this subpart: (a) Agreement corporation means a corporation having an agreement or undertaking with the Board of Governors of the Federal Reserve System (FRB) under section 25 of the Federal Reserve Act (FRA), 12 U.S.C. 601 through 604a. (b) Edge corporation means a corporation that is organized under section 25A of the FRA, 12 U.S.C. 611 through 631. (c) Foreign bank means an organization that: (1) Is organized under the laws of a foreign country; (2) Engages in the business of banking; (3) Is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations; (4) Receives deposits to a substantial extent in the regular course of its business; and (5) Has the power to accept demand deposits. (d) Foreign branch means an office of a national bank (other than a representative office) that is located outside the United States at which banking or financing business is conducted. (e) Foreign country means one or more foreign nations, and includes the overseas territories, dependencies, and insular possessions of those nations and of the United States, and the Commonwealth of Puerto Rico. [61 FR 19532, May 2, 1996, as amended at 61 FR 60387, Nov. 27, 1996] (a) Notice requirement. A national bank shall notify the OCC when it: (1) Files an application, notice, or report with the FRB to: (i) Establish or open a foreign branch; (ii) Acquire or divest of an interest in, or close, an Edge corporation, Agreement corporation, foreign bank, or other foreign organization; or (2) Opens a foreign branch, and no application or notice is required by the FRB for such transaction. (b) Other applications and notices accepted. In lieu of a notice under paragraph (a)(1) of this section, the OCC may accept a copy of an application, notice, or report submitted to another Federal agency that covers the proposed action and contains substantially the same information required by the OCC. (c) Additional information. A national bank shall furnish the OCC with any additional information the OCC may require in connection with the national bank's foreign operations. [61 FR 19532, May 2, 1996, as amended at 68 FR 70699, Dec. 19, 2003] (a) General. Subject to the applicable approval process, if any, a national bank may engage in any activity in a foreign country that is: (1) Permissible for a national bank in the United States; and (2) Usual in connection with the business of banking in the country where it transacts business. (b) Additional activities. In addition to its general banking powers, a national bank may engage in any activity in a foreign country that is permissible under the FRB's Regulation K, 12 CFR part 211. (c) Foreign operations guarantees. A national bank may guarantee the deposits and other liabilities of its Edge corporations and Agreement corporations and of its corporate instrumentalities in foreign countries. (a) Where to file. A national bank shall file any notice or submission required under this subpart with the appropriate supervisory office of the OCC. (b) Availability of forms. Individual forms and instructions for filings are available from the appropriate supervisory office of the OCC. [61 FR 19532, May 2, 1996, as amended at 68 FR 70699, Dec. 19, 2003]
Title 12: Banks and Banking
PART 28—INTERNATIONAL BANKING ACTIVITIES
Subpart A—Foreign Operations of National Banks
§ 28.1 Authority, purpose, and scope.
§ 28.2 Definitions.
§ 28.3 Filing requirements for foreign operations of a national bank.
§ 28.4 Permissible activities.
§ 28.5 Filing of notice.
