Definitions, Disapproval of Directors or Executive Officers, Conflict of Interest Policy, Transactions Relating to Iran or Terrorism

 

DEPARTMENT OF FINANCIAL SERVICES

FSC - Financial Institution Regulation

RULE NOS.:RULE TITLES:

69U-100.003Definitions

69U-100.03852Disapproval of Directors or Executive Officers

69U-100.956Conflict of Interest Policy

69U-100.964Transactions Relating to Iran or Terrorism

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-100.003 Definitions.

For purposes of rule 69U-100.004, the following definitions apply:

(1) “International banking facility deposit,” or “IBF time deposit,” means a deposit, placement, borrowing or similar obligation represented by a promissory note, acknowledgement of advance, or similar instrument that is not issued in negotiable or bearer form and which can be in currencies other than U.S. dollars; and,

(a)1. No change.

2. That is issued to:

a. through d. No change.

e. A foreign national government, or an agency or instrumentality thereof (other than states, provinces, municipalities, or other regional or local governmental units or agencies or instrumentalities thereof) engaged principally in activities which are ordinarily performed in the United States by governmental entities; an international entity of which the United States is a member; or any other foreign, international or supranational entity specifically designated by the Federal Reserve Board as exempt from 12 C.F.R. § 204.125 (1-1-2020 Edition), (9-1-2020), http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX, adopted and incorporated herein by reference and also available at the OFR’s website at www.flofr.com; or

(b) No change.

(2) No change.

(3) “International banking facility extension of credit,” or “IBF loan,” means any transaction where an IBF supplies funds by making a loan, or placing funds in a deposit account. Such transactions may be represented by a promissory note, security, acknowledgement of advance, due bill, repurchase agreement, or any other form of credit transaction. Such credit may be extended only to:

(a) through (d) No change.

(e) A foreign national government, or an agency or instrumentality thereof (other than states, provinces, municipalities, or other regional or local governmental units or agencies or instrumentalities thereof) engaged principally in activities which are ordinarily performed in the United States by governmental entities; an international entity of which the United States is a member; or any other foreign, international or supranational entity specifically designated by the Federal Reserve Board as exempt from 12 C.F.R. § 204.125 (1-1-2020 Edition), (9-1-2020), incorporated herein by reference; or

(f) No change.

(4) through (5) No change.

Rulemaking Authority 655.012(2), 655.071 FS. Law Implemented 220.62(3), 220.63(5), 655.071 FS. History–New 1-24-82, Amended 1-30-84, Formerly 3C-17.02, Amended 5-27-87, Formerly 3C-17.002, 3C-100.003, Amended. . . .

 

69U-100.03852 Disapproval of Directors or Executive Officers.

(1) No change.

(2) Notice.

(a) A financial institution shall provide a complete written notice to OFR at least 60 days prior to the effective date of the appointment of a director or the employment of an executive officer, or equivalent position. Each notice shall include a completed Form OFR-U-10 Interagency Biographical and Financial Report, (effective __/____), http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX, adopted and incorporated herein by reference. Form OFR-U-10 requests that the applicant provide his or her social security number. Please refer to the OFR’s Notice Regarding the Collection and Use of Social Security Numbers (effective __/____), http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX, adopted and incorporated herein by reference. Form OFR-U-10 must be accompanied by a completed Form OFR-U-10A, Addendum to Form OFR-U-10, Authorization for Release of Confidential Information (effective __/____), http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX, adopted and incorporated herein by reference. Notices shall be submitted to, and Forms OFR-U-10 and OFR-U-10A may be obtained by request from, the Division of Financial Institutions, Office of Financial Regulation, 200 East Gaines Street, Tallahassee, Florida 32399-0371, Telephone [phone]. The forms and the Notice Regarding the Collection and Use of Social Security Numbers are also available at OFR’s website, www.flofr.com.

(b) through (c) No change.

(3) through (5) No change.

Rulemaking Authority 655.012(2), 655.0385(6)(4) FS. Law Implemented 655.0385, 658.21, 658.33 FS. History–New 12-14-93, Amended 3-20-00, 12-28-00, 2-3-02, Formerly 3C-100.03852, Amended 9-11-18, . . . .

 

69U-100.956 Conflict of Interest Policy.

(1) through (2) No change.

(3) Regulatory employees shall be provided a copy of this rule, chapter 112, part III, F.S., Office of Financial Regulation Administrative Policies & Procedures 1-2, Ethics and Professional Responsibility, last revised May 29, 2019 effective 05-20-2013 (OFR APP 1-2), http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX, adopted and incorporated herein by reference and Department of Financial Services Code of Ethics, Administrative Policies & Procedures 1-15, effective October 28, 2009 10-28-2009 (DFS APP 1-15), http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX, adopted and incorporated herein by reference. The foregoing materials are also available at the OFR’s website, www.flofr.com. Each regulatory employee is responsible for ensuring that, as applicable, they are in compliance with the principles of conduct set forth herein, chapter 112, part III, F.S., OFR APP 1-2, and DFS APP 1-15.

(4) through (14) No change.

Rulemaking Authority 655.012(2) FS. Law Implemented Ch. 92-303, s.76, Laws of Fla. History–New 12-23-92, Formerly 3C-100.956, Amended. . . .

 

69U-100.964 Transactions Relating to Iran or Terrorism.

Florida state-chartered financial institutions shall comply with the federal standards set out by the U.S. Treasury Department, Office of Foreign Assets Control, in 31 C.F.R. Part 561, Subparts B, C, and D (7-1-2019 Edition), as amended at 84 Fed. Reg. 38545 (Aug. 7, 2019), (2010), http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX, which are adopted and incorporated by reference, as the minimum standards for due diligence policies, procedures, and controls as required by section 655.968, F.S. The standards are also available at the OFR’s website, www.flofr.com.

Rulemaking Authority 655.012(2), 655.968 FS. Law Implemented 655.968 FS. History–New 8-6-12, Amended. . . .

 

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED CHANGE IS: Leslie Bryson, Senior Attorney, [phone], [e-mail].