Mississippi Administrative Code
Title 38 - Treasurer
Part 1 - Office of the State Treasurer
Chapter 2 - Regulation 2-Selection Process for International Banking Establishment to Handle Foreign Currency Exchange
Rule 38-1-2.2 - Qualification Requirements for International Banking Institutions
Current through September 24, 2024
The following criteria are required, as a minimum, for a banking institution to qualify as a foreign financial institution selected to support the foreign currency investment requirements allowed under § 27-105-33(l), Mississippi Code of 1972, annotated:
A. Reported assets of not less than $500,000,000.
B. AAA rating or better.
C. Capability of dealing directly in world currencies.
D. Operate full service branches in all countries in which the State has foreign offices.
E. Capability to transfer and distribute currency on required timely basis.
F. Willingness to handle currency acquisition and distribution at minimal cost.
G. Maintain a branch office in the State of Mississippi or within 500 miles of the State of Mississippi.
Miss. Code Ann. § 27-105-33(i)(Rev. 1995), § 31-19-5 (Rev. 2007).
