69U-140.016. Capital Accounts and Capital Ratio Standards

(1) To qualify for a license to operate an international branch, international bank agency, international administrative office, or international representative office, an international banking corporation must have an average capital ratio of 5.0 percent or greater. For the purposes of this section, “average capital ratio” means capital accounts divided by the average of the prior 4 quarters of average assets.

(2) In no case may the total capital accounts of the international banking corporation be less than the minimum required under section 658.21(2), F.S., to establish a state bank. An international banking corporation that operates an international branch, international bank agency, international administrative office, or international representative office under this part must annually certify the total capital accounts of the international banking corporation. Such certification must be submitted to the OFR on a Form OFR-U-57, Certificate of Capital, effective 01/2018, herein incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-08793.

(3) The OFR may not deem the proposed capitalization of the international banking corporation to be adequate unless the international banking corporation is considered well-capitalized in accordance with the capital adequacy standards of its home country. An international banking corporation seeking licensure to operate an international branch, international bank agency, international administrative office, or international representative office under this part must certify that it is considered well-capitalized in accordance with the capital adequacy standards of its home country.

Rulemaking Authority 663.055(4) FS. Law Implemented 663.04(5), 663.05, 663.055, 663.06, 663.08 FS. History–New 1-1-18.