[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: 12CFR214.4]

[Page 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. 214.4  Agreements with foreign banks, bankers, or States, and participation in foreign accounts.

    (a) No Federal Reserve Bank shall enter into any agreement, 
contract, or understanding with any foreign bank or banker or with any 
group of foreign banks or bankers or with any foreign State without 
first obtaining the permission of the Board of Governors of the Federal 
Reserve System.
    (b) When any Federal Reserve Bank, with the approval of the Board of 
Governors of the Federal Reserve System, has opened an account for any 
foreign bank or banker or group of foreign banks or bankers or for any 
foreign State, or has entered into any agreement, contract, or 
understanding with reference to opening or maintaining such an account, 
or with reference to any other matter or matters, any other Federal 
Reserve Bank may participate in such account, or in such agreement, 
contract, or understanding, and in operations and transactions performed 
therein or pursuant thereto, with the approval of the Board of Governors 
of the Federal Reserve System.