[Code of Federal Regulations]
[Title 12, Volume 2]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR214.3]

[Page 422-423]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 214--RELATIONS WITH FOREIGN BANKS AND BANKERS (REGULATION N)--Table of Contents
 
Sec. 214.3  Conferences and negotiations with foreign banks, bankers, or States.

    (a) Without first obtaining the permission of the Board of Governors 
of the Federal Reserve System, no officer or other representative of any 
Federal Reserve Bank shall conduct negotiations of any kind with the 
officers or representatives of any foreign bank or banker or any group 
of foreign banks or bankers of any foreign State, except communications 
in the ordinary course of business in connection with transactions 
pursuant to agreements previously approved by the Board of Governors of 
the Federal Reserve System. Any request for the Board's permission to 
conduct any such negotiations shall

[[Page 423]]

be submitted in writting and shall include a full statement of the 
occasion and objects of the proposed negotiations.
    (b) The Board of Governors of the Federal Reserve System reserves 
the right, in its discretion, to be represented by such representatives 
as it may designate in any negotiations between any officer or other 
representative of any Federal Reserve Bank and any officers or 
representatives of any foreign bank or banker or any group of foreign 
banks or bankers or any foreign State; and the Board shall be given 
reasonable notice in advance of the time and place of any such 
negotiations; and may itself designate the time and place of any such 
negotiations.
    (c) A full report of all such conferences or negotiations and all 
understandings or agreements arrived at or transactions agreed upon and 
all other material facts appertaining to such conferences or 
negotiations shall be filed with the Board of Governors of the Federal 
Reserve System in writing by a duly authorized officer of each Federal 
Reserve Bank which shall have participated in such conferences or 
negotiations, including copies of all correspondence appertaining 
thereto.