Current through Reg. 50, No. 187; September 24, 2024
For purposes of Rule
69U-100.004, F.A.C., the
following definitions apply:
(1)
"International banking facility deposit," or "IBF time deposit," means a
deposit, placement, borrowing or similar obligation represented by a promissory
note, acknowledgement of advance, or similar instrument that is not issued in
negotiable or bearer form and which can be in currencies other than U.S.
dollars; and,
(a)
1. That must remain on deposit at the IBF at
least overnight; and,
2. That is
issued to:
a. Any office located outside the
United States of another depository institution organized under the laws of the
United States or of an Edge or Agreement Corporation;
b. Any office located outside the United
States of a foreign bank;
c. A
United States office or a non-United States office of the entity establishing
the IBF;
d. Another IBF;
or
e. A foreign national
government, or an agency or instrumentality thereof (other than states,
provinces, municipalities, or other regional or local governmental units or
agencies or instrumentalities thereof) engaged principally in activities which
are ordinarily performed in the United States by governmental entities; an
international entity of which the United States is a member; or any other
foreign, international or supranational entity specifically designated by the
Federal Reserve Board as exempt from
12 C.F.R. §
204.125 (1-1-2020 Edition),
http://www.flrules.org/Gateway/reference.asp?No=Ref-12641,
adopted and incorporated herein by reference and also available at the OFR's
website at
www.flofr.gov;
or
(b)
1. That is payable:
a. On a specified date not less than two
business days after the date of deposit;
b. Upon expiration of a specified period of
time not less than two business days after the date of deposit; or
c. Upon written notice that actually is
required to be given by the depositor not less than two business days prior to
the date of withdrawal;
2. That represents funds deposited to the
credit of a non-United States resident or a foreign branch, office, subsidiary,
affiliate, or other foreign establishment ("foreign affiliate") controlled by
one or more domestic corporations provided that such funds are used only to
support the operations outside the United States of the depositor or of its
affiliates located outside the United States; and,
3. That is maintained under an agreement or
arrangement under which no deposit or withdrawal of less than $100,000 is
permitted, except that a withdrawal of less than $100,000 is permitted if such
withdrawal closes an account. For purposes of this clause, interest payments
are exempted from the deposit and withdrawal
limitations.
(2) International Banking Facility Borrowing
or "IBF Borrowing" means borrowing represented by a promissory note,
acknowledgement of advance or similar instrument that is not issued in
negotiable or bearer form.
(a)
1. That said borrowing must remain on deposit
at the IBF at least overnight; and,
2. That is issued to:
a. Any office located outside the United
States of another depository institution organized under the laws of the United
States or of an Edge or Agreement Corporation;
b. Any office located outside the United
States of a foreign bank;
c. A
United States office or a non-United States office of the entity establishing
the IBF; or
d. Another IBF;
or
(b)
1. That is payable:
a. On a specified date not less than two
business days after the date of the borrowing; or
b. Upon expiration of a specified period of
time not less than two business days after the date of the borrowing;
c. Upon written notice required to be given
by the lender not less than two business days prior to the date of
approval;
2. That
represents borrowed funds deposited to the credit of a non-United States
resident or a foreign branch, office, subsidiary, affiliate, or other foreign
establishment ("foreign affiliate") controlled by one or more domestic
corporations provided that such funds are used only to support the operations
outside the United States of the depositor or of its affiliates located outside
of the United States; and,
3. That
is maintained under an agreement or arrangement under which no deposit or
withdrawal of less than $100,000 is permitted, except that a withdrawal of less
than $100,000 is permitted if such withdrawal closes an account. For purposes
of this clause, interest payments are exempted from the deposit and withdrawal
limitations.
(3) "International banking facility extension
of credit," or "IBF loan," means any transaction where an IBF supplies funds by
making a loan, or placing funds in a deposit account. Such transactions may be
represented by a promissory note, security, acknowledgement of advance, due
bill, repurchase agreement, or any other form of credit transaction. Such
credit may be extended only to:
(a) Any office
located outside the United States of another depository institution organized
under the laws of the United States or of any Edge or Agreement
Corporation;
(b) Any office located
outside the United States of a foreign bank;
(c) A United States or a non-United States
office of the institution establishing the IBF;
(d) Another IBF;
(e) A foreign national government, or an
agency or instrumentality thereof (other than states, provinces,
municipalities, or other regional or local governmental units or agencies or
instrumentalities thereof) engaged principally in activities which are
ordinarily performed in the United States by governmental entities; an
international entity of which the United States is a member; or any other
foreign, international or supranational entity Specifically designated by the
Federal Reserve Board as exempt from
12 C.F.R. §
204.125 (1-1-2020 Edition), incorporated
herein by reference; or
(f) A
non-United States resident or a foreign branch, office, subsidiary, affiliate
or other foreign establishment ("foreign affiliate") controlled by one or more
domestic corporations provided that the funds are used only to finance the
operations outside the United States of the borrower or of its affiliates
located outside the United States.
(4) Solely for the purpose of Section
220.63(5),
F.S., the terms "banking facility deposits," "borrowings," and "extensions of
credit," fall within the general definition of the terms "loans to foreign
persons," "deposits with foreign persons," and "foreign exchange trading and
hedging transactions," as such terms are used in Section
220.63(5)(b),
F.S. Further, solely for the purpose of Section
220.62(3),
F.S., the terms "banking facility deposits," "borrowings," and "extensions of
credit," include, without limitation, the following transactions:
(a) Letters of credit;
(b) Acceptances;
(c) Currency transactions;
(d) Currency transfers;
(e) Participations;
(f) Investments in securities;
(g) Trading in securities;
(h) Activities of international
representative offices and international administrative offices; and,
(i) Any other international transactions of
any bank or banking organization, as defined in Sections
220.62(1) and
(4), F.S., provided that the income from the
above transactions is derived from sources outside the United
States.
(5)
Notwithstanding the provisions of subsection (4), "deposits," "borrowings," and
"extensions of credit," as defined in subsection (4), shall also include:
(a) All transactions by and between banking
organizations, as defined in Section
220.62(4),
F.S., provided that the income from such transactions is derived by non-United
States banking organizations; and,
(b) International banking facility
transactions as defined in subsections (1), (2) and (3) of this
rule.
Rulemaking Authority 655.012(2), 655.071 FS. Law
Implemented 220.62(3), 220.63(5), 655.071
FS.
New 1-24-82, Amended 1-30-84, Formerly 3C-17.02, Amended
5-27-87, Formerly 3C-17.002, 3C-100.003, Amended
1-18-21.
