12 C.F.R. § 224.3 Margin regulations to be applied by nonexempted borrowers.
Title 12 - Banks and Banking
(a) Credit transactions outside the United States. No borrower shall obtain purpose credit from outside the United States unless it conforms to the following margin regulations: (1) Regulation T (12 CFR part 220) if the credit is obtained from a foreign branch of a broker-dealer; (2) Regulation U (12 CFR part 221), as it applies to banks, if the credit is obtained from a foreign branch of a bank, except for the requirement of a purpose statement (12 CFR 221.3(c)(1)(i) and (c)(2)(i)); and (3) Regulation U (12 CFR part 221), as it applies to nonbank lenders, if the credit is obtained from any other lender outside the United States, except for the requirement of a purpose statement (12 CFR 221.3(c)(1)(ii) and (c)(2)(ii)). (b) Credit transactions within the United States. Any borrower who willfully causes credit to be extended in contravention of Regulations T and U (12 CFR parts 220 and 221), and who, therefore, is not exempted by §224.1(b)(1), must conform the credit to the margin regulation that applies to the lender. [Reg. X, 63 FR 2839, Jan. 16, 1998]
Title 12: Banks and Banking
PART 224—BORROWERS OF SECURITIES CREDIT (REGULATION X)
§ 224.3 Margin regulations to be applied by nonexempted borrowers.
