69U-140.0045. Interim Operational Plans

(1) Pursuant to section 663.11, F.S., an international banking corporation that is licensed to maintain an international branch, international bank agency, international administrative office, or international representative office may not continue to conduct its licensed business in this state if the international banking corporation is experiencing any of the statuses outlined in sections 663.11(1)(a)1.-3., F.S. However, subject to OFR approval, the OFR may permit an international branch, international bank agency, international administrative office, or international representative office to remain open and in operation if the international banking corporation is experiencing any of the statuses outlined in sections 663.11(1)(a)2.-3., F.S., if, within the 30 days after the occurrence of such event, the international branch, international bank agency, international administrative office, or international representative office provides the OFR with either a plan to wind down its affairs and business within the subsequent 90 days, or an interim operational plan to the OFR within 30 days after the occurrence of any such event.

(2) The interim operational plan submitted to the OFR must contain the following:

(a) The international banking corporation’s operational requirements, restrictions, written agreements, or other documents provided by its home country supervisor based on its current status;

(b) A business continuity and strategic plan of the international branch, international bank agency, international administrative office, or international representative office and international banking based on the status of international banking corporation. The plans must include projected timelines and impact on business continuity based on the status of the international banking corporation.

(c) A description of the technical competence and administrative ability of the management of the international banking corporation and its offices or subsidiaries to manage and address requirements and operations based on its status;

(d) A description of the technical competence and administrative ability of the management of the international branch, international bank agency, international administrative office, or international representative office based on the status of the international banking corporation;

(e) A description of the adequacy of the accounting and internal control systems of the international banking corporation, particularly the international banking corporation’s ability to monitor and supervise the activities of its offices or subsidiaries, wherever located, based on its status;

(f) A description of any updates to internal systems, processes, policies, and procedures of the international branch, international bank agency, international administrative office, or international representative office and the international banking corporation due to the status of the international banking corporation;

(g) The name and contact information of the international banking corporation’s home country supervisor;

(h) The name and contact information of any supervisory authorities monitoring and overseeing the international banking corporation based on its status; and,

(i) If there are any changes to the officer or manager overseeing the operations of the international branch or international bank agency as part of the interim operational plan, the international branch or international bank agency shall submit Attachments 4(a) Biographical Report and 4(b) Authorization for Release of Confidential Information to the Form OFR-U-20, Application For the Establishment of an International Branch or International Bank Agency in the State of Florida, which is incorporated by reference in subsection 69U-140.002(1), F.A.C., for each newly proposed officer or manager.

(j) If there are any changes to the officer or manager overseeing the operations of the international administrative office or international representative office as part of the interim operational plan, the international administrative office or international representative office shall submit Attachments 4(a) Biographical Information and 4(b) Authorization for Release of Confidential Information to the Form OFR-U-20A, Application For the Establishment of an International Administrative Office or International Representative Office in the State of Florida, which is incorporated by reference in subsection 69U-140.002(1), F.A.C., for each newly proposed officer or manager.

(3) Pursuant to section 663.11(1)(b)1.a., F.S., if the OFR finds that the interim operational plan does not allow for the conduct of business in a safe and sound manner, the OFR shall revoke the license.  In making its determination of the acceptability of the interim operational plan, the OFR shall consider the following criteria:

(a) The international banking corporation is authorized by the foreign country in which it is organized and licensed to address the affairs of the international branch, international bank agency, international administrative office, or international representative office in this state;

(b) The international branch, international bank agency, international administrative office, or international representative office will not engage in any new lines of business or otherwise expand its activities in this state;

(c) Allowing the international branch, international bank agency, international administrative office, or international representative office to remain open furthers domestic and foreign supervisory cooperation;

(d) Allowing the international branch, international bank agency, international administrative office, or international representative office to remain open is in the public’s interest and does not present an immediate or serious danger to the public health, safety, or welfare;

(e) Management of the international branch, international bank agency, international administrative office, or international representative office has the ability to operate the office in a safe and sound manner;

(f) The capital adequacy of the international banking corporation, its offices or subsidiaries as specified by the capital adequacy guidelines in the home country and in the United States, based on the status of the international banking corporation;

(g) The liquidity and funds management practices of the international banking corporation, its offices or subsidiaries, based on the status of the international banking corporation; and,

(h) Any supervisory information from the home country regulator or supervisory authority of the international banking corporation, based on its status.

(4) The OFR may conduct an onsite examination or investigation of an international branch, international bank agency, international administrative office, or international representative office to confirm information provided to the OFR in the interim operational plan.

(5) The OFR shall process requests for approval of an interim operational plan as follows:

(a) Upon receipt of any request for approval of an interim operational plan, the OFR shall review the information contained therein, and request any additional information to complete the request within 15 days after receipt. The international banking corporation shall provide the requested additional information within 15 days after the receipt of the notice from the OFR. Failure to respond within the timeframe required is grounds for denial of the interim operational plan, and will result in the subsequent revocation of the license in accordance with section 663.11(1)(a), F.S.

(b) Within 10 days after receipt of any additional information requested, the OFR shall deem the request for approval of an interim operational plan complete or provide notification that the information provided does not satisfy the OFR’s request or requests.

(c) Within 10 days after receipt of a completed request for approval of an interim operational plan, the OFR shall approve or deny the interim operational plan.

(d) Approval of an interim operational plan will be granted for no more than 120 days. Should the international banking corporation require an interim period of longer than 120 days, a new interim operational plan must be submitted to the OFR for approval at least 15 days prior to the expiration of the original approval. If a new interim operational plan is not provided within 15 days prior to the expiration of the prior plan, the OFR shall revoke the license in accordance with section 663.11(1)(a), F.S.

(e) If the OFR denies the interim operational plan, the OFR shall revoke the license in accordance with section 663.11(1)(a), F.S.

(f) No more than 2 consecutive interim operational plans may be approved.

(6) Reporting. The OFR may request periodic reporting as part of the ongoing monitoring of an international branch, international bank agency, international administrative office, or international representative office that is operating under an interim operational plan.

Rulemaking Authority 663.11(1)(b)2. FS. Law Implemented 663.11 FS. History–New 1-1-18.