Current through Reg. 50, No. 187; September 24, 2024
(1)
Pursuant to section 663.11, F.S., an international
banking corporation that is licensed to maintain an international branch,
international bank agency, international administrative office, or
international representative office may not continue to conduct its licensed
business in this state if the international banking corporation is experiencing
any of the statuses outlined in sections
663.11(1)(a)
1.-3., F.S. However, subject to OFR approval, the OFR may permit an
international branch, international bank agency, international administrative
office, or international representative office to remain open and in operation
if the international banking corporation is experiencing any of the statuses
outlined in sections 663.11(1)(a)
2.-3., F.S., if, within the 30 days after the occurrence of such event, the
international branch, international bank agency, international administrative
office, or international representative office provides the OFR with either a
plan to wind down its affairs and business within the subsequent 90 days, or an
interim operational plan to the OFR within 30 days after the occurrence of any
such event.
(2) The interim
operational plan submitted to the OFR must contain the following:
(a) The international banking corporation's
operational requirements, restrictions, written agreements, or other documents
provided by its home country supervisor based on its current status;
(b) A business continuity and strategic plan
of the international branch, international bank agency, international
administrative office, or international representative office and international
banking based on the status of international banking corporation. The plans
must include projected timelines and impact on business continuity based on the
status of the international banking corporation.
(c) A description of the technical competence
and administrative ability of the management of the international banking
corporation and its offices or subsidiaries to manage and address requirements
and operations based on its status;
(d) A description of the technical competence
and administrative ability of the management of the international branch,
international bank agency, international administrative office, or
international representative office based on the status of the international
banking corporation;
(e) A
description of the adequacy of the accounting and internal control systems of
the international banking corporation, particularly the international banking
corporation's ability to monitor and supervise the activities of its offices or
subsidiaries, wherever located, based on its status;
(f) A description of any updates to internal
systems, processes, policies, and procedures of the international branch,
international bank agency, international administrative office, or
international representative office and the international banking corporation
due to the status of the international banking corporation;
(g) The name and contact information of the
international banking corporation's home country supervisor;
(h) The name and contact information of any
supervisory authorities monitoring and overseeing the international banking
corporation based on its status; and,
(i) If there are any changes to the officer
or manager overseeing the operations of the international branch or
international bank agency as part of the interim operational plan, the
international branch or international bank agency shall submit Attachments 4(a)
Biographical Report and 4(b) Authorization for Release
of Confidential Information to the Form OFR-U-20, Application For the
Establishment of an International Branch or International Bank Agency in the
State of Florida, which is incorporated by reference in subsection
69U-140.002(1),
F.A.C., for each newly proposed officer or manager.
(j) If there are any changes to the officer
or manager overseeing the operations of the international administrative office
or international representative office as part of the interim operational plan,
the international administrative office or international representative office
shall submit Attachments 4(a) Biographical Information and
4(b) Authorization for Release of Confidential Information to
the Form OFR-U-20A, Application For the Establishment of an International
Administrative Office or International Representative Office in the State of
Florida, which is incorporated by reference in subsection
69U-140.002(1),
F.A.C., for each newly proposed officer or manager.
(3) Pursuant to section 663.11(1)(b)1.a.,
F.S., if the OFR finds that the interim operational plan does not allow for the
conduct of business in a safe and sound manner, the OFR shall revoke the
license. In making its determination of the acceptability of the interim
operational plan, the OFR shall consider the following criteria:
(a) The international banking corporation is
authorized by the foreign country in which it is organized and licensed to
address the affairs of the international branch, international bank agency,
international administrative office, or international representative office in
this state;
(b) The international
branch, international bank agency, international administrative office, or
international representative office will not engage in any new lines of
business or otherwise expand its activities in this state;
(c) Allowing the international branch,
international bank agency, international administrative office, or
international representative office to remain open furthers domestic and
foreign supervisory cooperation;
(d) Allowing the international branch,
international bank agency, international administrative office, or
international representative office to remain open is in the public's interest
and does not present an immediate or serious danger to the public health,
safety, or welfare;
(e) Management
of the international branch, international bank agency, international
administrative office, or international representative office has the ability
to operate the office in a safe and sound manner;
(f) The capital adequacy of the international
banking corporation, its offices or subsidiaries as specified by the capital
adequacy guidelines in the home country and in the United States, based on the
status of the international banking corporation;
(g) The liquidity and funds management
practices of the international banking corporation, its offices or
subsidiaries, based on the status of the international banking corporation;
and,
(h) Any supervisory
information from the home country regulator or supervisory authority of the
international banking corporation, based on its status.
(4) The OFR may conduct an onsite examination
or investigation of an international branch, international bank agency,
international administrative office, or international representative office to
confirm information provided to the OFR in the interim operational
plan.
(5) The OFR shall process
requests for approval of an interim operational plan as follows:
(a) Upon receipt of any request for approval
of an interim operational plan, the OFR shall review the information contained
therein, and request any additional information to complete the request within
15 days after receipt. The international banking corporation shall provide the
requested additional information within 15 days after the receipt of the notice
from the OFR. Failure to respond within the timeframe required is grounds for
denial of the interim operational plan, and will result in the subsequent
revocation of the license in accordance with section
663.11(1)(a),
F.S.
(b) Within 10 days after
receipt of any additional information requested, the OFR shall deem the request
for approval of an interim operational plan complete or provide notification
that the information provided does not satisfy the OFR's request or
requests.
(c) Within 10 days after
receipt of a completed request for approval of an interim operational plan, the
OFR shall approve or deny the interim operational plan.
(d) Approval of an interim operational plan
will be granted for no more than 120 days. Should the international banking
corporation require an interim period of longer than 120 days, a new interim
operational plan must be submitted to the OFR for approval at least 15 days
prior to the expiration of the original approval. If a new interim operational
plan is not provided within 15 days prior to the expiration of the prior plan,
the OFR shall revoke the license in accordance with section 663.11(1)(a),
F.S.
(e) If the OFR denies the
interim operational plan, the OFR shall revoke the license in accordance with
section 663.11(1)(a), F.S.
(f) No
more than 2 consecutive interim operational plans may be
approved.
(6) Reporting.
The OFR may request periodic reporting as part of the ongoing monitoring of an
international branch, international bank agency, international administrative
office, or international representative office that is operating under an
interim operational plan.
Rulemaking Authority 663.11(1)(b)2. FS. Law Implemented
663.11 FS.
New 1-1-18.
