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Florida Administrative Code (Last Updated: April 18, 2024) |
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69. Department of Financial Services |
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69U. FSC - Financial Institution Regulation |
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69U-120. Banks, Trust Companies, Savings Banks And Associations |
1(1) As used in this rule, “foreign bank” means a person organized under the laws of a foreign country, or of a dependency or insular possession of the United States or a foreign country, which is principally engaged in the business of a commercial bank; recognized as a bank by the appropriate supervisory or monetary authorities of the country of its organization or principal banking operations; receives deposits to a substantial extent in the regular course of business; and has the power to accept demand deposits.
87(2) State-chartered banks, trust companies, and associations may invest in foreign bank deposits, both demand and time, of the 20 percent risk weight category, as provided in 12 C.R.F. §324.32(d)(2) (1-1-2020 Edition), which is adopted and incorporated herein by reference and available at 130http://www.flrules.org/Gateway/reference.asp?No=Ref-12621, 132up to an aggregate of 25 percent of the capital of the investing bank, trust company, or association in all foreign banks within a foreign country.
158(3) The board of directors of each bank, trust company, or association shall adopt standards and policies for the investment of funds in foreign bank deposits. Such standards and policies shall be reviewed and approved at least annually by the board of directors with the approval recorded in the minutes of the meetings of the board of directors.
216(4) At a minimum, the standards and policies shall include:
226(a) A list of approved foreign banks whose financial condition has been evaluated and which have been determined to be operating in a safe and sound manner;
253(b) A prescribed investment limitation for each foreign bank;
262(c) An aggregate limitation on the currency of deposit; and,
272(d) An aggregate investment amount for each country in which an authorized foreign bank is organized, taking into consideration both credit and transfer risk assessments.
297Rulemaking Authority 299655.012(2) FS. 301Law Implemented 303658.67(11), 304665.013(32) FS. 306History–New 11-14-94, Formerly 3C-120.670, Amended 1-18-21.
