Investments/Deposits in Foreign Banks

 

DEPARTMENT OF FINANCIAL SERVICES

FSC - Financial Institution Regulation

RULE NO.:RULE TITLE:

69U-120.670Investments/Deposits in Foreign Banks

NOTICE OF CHANGE

Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 46 No. 191, September 30, 2020 issue of the Florida Administrative Register.

The changes are in response to written comments received from the Joint Administrative Procedures Committee.

69U-120.670 Investments/Deposits in Foreign Banks.

(1) No change.

(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.F.R. § 324.32(d)(2) (1-1-2020 Edition Apr. 13, 2020), which is adopted and incorporated herein by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX, up 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.

(3) through (4) No change.

Rulemaking Authority 655.012(2) FS. Law Implemented 658.67(11), 665.013(32) FS. History–New 11-14-94, Formerly 3C-120.670, Amended.

 

The change also replaces the April 13, 2020 version of the incorporated regulation with the official January 1, 2020 version.

 

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Leslie E. Bryson, Senior Attorney, Office of Financial Regulation, [phone], [e-mail]