California Code of Regulations
Title 10 - Investment
Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 10 - Banks
Article 6 - California State Offices of Foreign (Other Nation) Banks
Subarticle 3 - Agencies and Branch Offices
Part 10 - Deposit of Eligible Assets
Subpart 6 - Depositing, Receiving, and Holding Eligible Assets
Section 10.16131 - Deficiencies-Subject Institution
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) A subject institution shall monitor its pledge deposit at least once each month to ensure that it is in compliance with the requirements of Financial Code Section 1811 and this Part, including the requirements that all assets in such pledge deposit be eligible assets and that the total value of the eligible assets in the pledge deposit be no less than the applicable minimum.
(b) Whenever a subject institution finds that the total value of the eligible assets in its pledge deposit is less than the applicable minimum, it shall immediately report the matter to the Commissioner by telephone, immediately deposit in its pledge deposit eligible assets having a value sufficient to correct the deficiency, and promptly thereafter serve a written report regarding the matter on the Commissioner.
(c) Whenever a subject institution finds that any asset in its pledge deposit is not an eligible asset:
1.
Change without regulatory effect amending section filed 8-19-97 pursuant to
section 100, title 1, California Code of
Regulations (Register 97, No. 34).
2. Amendment of subsection (a)
filed 4-14-98; operative 5-14-98 (Register 98, No. 16).
3. Change
without regulatory effect amending subsection (a) and NOTE filed 8-21-2019
pursuant to section
100, title 1, California Code of
Regulations (Register 2019, No. 34).
Note: Authority cite: Section 326, Financial Code. Reference: Sections 1758 and 1811, Financial Code.
