[Code of Federal Regulations]
[Title 12, Volume 3, Parts 220 to 299]
[Revised as of January 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR225.91]

[Page 117]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 225--BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL (REGULATION Y)--Table of Contents
 
                 Subpart I--Financial Holding Companies
 
Sec. 225.91  How may a foreign bank elect to be treated as a financial holding company?

    (a) Filing requirement. A foreign bank that operates a branch or 
agency or owns or controls a commercial lending company in the United 
States, or a company that owns or controls such a foreign bank, may 
elect to be treated as a financial holding company by filing a written 
declaration with the appropriate Reserve Bank.
    (b) Contents of declaration. The declaration must:
    (1) State that the foreign bank or the company elects to be treated 
as a financial holding company;
    (2) Provide the risk-based and leverage capital ratios of the 
foreign bank as of the close of the most recent quarter and as of the 
close of the most recent audited reporting period;
    (3) Certify that the foreign bank meets the standards of well 
capitalized set out in Sec. 225.90(b)(1)(i), (ii) and (iii) or 
Sec. 225.90(b)(2) as of the date the foreign bank or company files its 
election;
    (4) Certify that the foreign bank is well managed as defined in 
Sec. 225.90(c)(1) as of the date the foreign bank or company files its 
election;
    (5) Certify that all U.S. depository institutions controlled by the 
foreign bank or company are well capitalized and well managed as of the 
date the foreign bank or company files its election; and
    (6) Provide the capital ratios for all relevant capital measures (as 
defined in section 38 of the Federal Deposit Insurance Act) as of the 
close of the previous quarter for each U.S. depository institution 
controlled by the foreign bank or company.
    (c) Pre-clearance process. Before filing an election to be treated 
as a financial holding company, a foreign bank or company may file a 
request for review of its qualifications to be treated as a financial 
holding company. The Board will endeavor to make a determination on such 
requests within 30 days of receipt. A foreign bank chartered in a 
country where no other bank from that country has been reviewed by the 
Board for comprehensive consolidated supervision under the Bank Holding 
Company Act or the International Banking Act is encouraged to use this 
process.

[Reg. Y, 65 FR 15056, Mar. 21, 2000]