Title 12 — Banks and Banking
Chapter 32 — Foreign Bank Participation in Domestic Markets
§ 3107. Representative offices
Statutory text
Prior approval to establish representative offices
In general
No foreign bank may establish a representative office without the prior approval of the Board.
Standards for approval
In acting on any application under this paragraph to establish a representative office, the Board shall take into account the standards contained in section 3105(d)(2) of this title and may impose any additional requirements that the Board determines to be necessary to carry out the purposes of this chapter.
Termination of representative offices
The Board may order the termination of the activities of a representative office of a foreign bank on the basis of the standards, procedures, and requirements applicable under section 3105(e) of this title with respect to branches and agencies.
Examinations
The Board may make examinations of each representative office of a foreign bank, the cost of which shall be assessed against and paid by such foreign bank. The Board may also make examinations of any affiliate of a foreign bank conducting business in any State if the Board deems it necessary to determine and enforce compliance with this chapter, the Bank Holding Company Act of 1956 [12 U.S.C. 1841 et seq.], or other applicable Federal banking law.
Compliance with State law
This chapter does not authorize the establishment of a representative office in any State in contravention of State law.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
International Banking Act of 1978
Pub. L. 95–369 § 10 · 92 Stat. 607
Enacted · 12 U.S.C. § 3107
Pub. L. 95–369, § 10, Sept. 17, 1978, 92 Stat. 624
Source evidence
Code source credit
Pub. L. 95–369, § 10, Sept. 17, 1978, 92 Stat. 624Enacted provision · exact public law section
Sec. 10. representative offices (a) Any foreign bank that maintains an office other than a Rules. 12 USC 3107. branch or agency in any State shall register with the Secretary of the Treasury in accordance with rules prescribed by him, within one hundred and eighty days after the date of enactment of this Act or the date on which the office is established, whichever is later. (b) This Act does not authorize the establishment of any such office in any State in contravention of State law.Foreign Bank Supervision Enhancement Act of 1991
Pub. L. 102–242 title II § 204 · 105 Stat. 2236
Amended · 12 U.S.C. § 3107
Pub. L. 102–242 amended section generally. Prior to amendment, section read as follows:
Source evidence
Code amendment note
Pub. L. 102–242 amended section generally. Prior to amendment, section read as follows:“(a) Any foreign bank that maintains an office other than a branch or agency in any State shall register with the Secretary of the Treasury in accordance with rules prescribed by him, within one hundred and eighty days after September 17, 1978, or the date on which the office is established, whichever is later. “(b) This chapter does not authorize the establishment of any such office in any State in contravention of State law.”
Enacted provision · exact public law section
SEC. 204. SUPERVISION OF THE REPRESENTATIVE OFFICES OF FOREIGN BANKS. Section 10 of the International Banking Act of 1978 (12 U.S.C. 3107) is amended to read as follows: “SEC. 10. REPRESENTATIVE OFFICES. “(a) Prior Approval To Establish Representative Offices.— “(1) In general.— No foreign bank may establish a representative office without the prior approval of the Board. “(2) Standards for approval.— In acting on any application under this paragraph to establish a representative office, the Board shall take into account the standards contained in section 7(d)(2) and may impose any additional requirements that the Board determines to be necessary to carry out the purposes of this Act. “(b) Termination of Representative Offices.— The Board may order the termination of the activities of a representative office of a foreign bank on the basis of the standards, procedures, and requirements applicable under paragraphs (1), (2), and (3) of section 7(d) with respect to branches and agencies. “(c) Examinations.— The Board may make examinations of each representative office of a foreign bank, the cost of which shall be assessed against and paid by such foreign bank. “(d) Compliance With State Law.— This Act does not authorize the establishment of a representative office in any State in contravention of State law.”.Housing and Community Development Act of 1992
Pub. L. 102–550 title XVI § 1604(a)(4) · 106 Stat. 3672
Substituted · 12 U.S.C. § 3107(b)
Pub. L. 102–550 substituted “section 3105(e) of this title” for “paragraphs (1), (2), and (3) of section 3105(d) of this title”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 102–550 substituted “section 3105(e) of this title” for “paragraphs (1), (2), and (3) of section 3105(d) of this title”.Enacted provision · exact public law section
(4) Section 10(b) of the International Banking Act of 1978 (12 U.S.C. 3107(b)) (as amended by section 204 of the Federal Deposit Insurance Corporation Improvement Act of 1991) is amended by striking “paragraphs (1), (2), and (3) of section 7(d)” and inserting “section 7(e)”.Pub. L. 106–102 title I § 142(b) · 113 Stat. 1338
Inserted · 12 U.S.C. § 3107(c)
Pub. L. 106–102 inserted at end “The Board may also make examinations of any affiliate of a foreign bank conducting business in any State if the Board deems it necessary to determine and enforce compliance with this chapter, the Bank Holding Company Act of 1956, or other applicable Federal banking law.”
Source evidence
Code amendment note
Subsec. (c). Pub. L. 106–102 inserted at end “The Board may also make examinations of any affiliate of a foreign bank conducting business in any State if the Board deems it necessary to determine and enforce compliance with this chapter, the Bank Holding Company Act of 1956, or other applicable Federal banking law.”Enacted provision · exact public law section
(b) Examinations.— Section 10(c) of the International Banking Act of 1978 (12 U.S.C. 3107(c)) is amended by adding at the end the following new sentence: “The Board may also make examinations of any affiliate of a foreign bank conducting business in any State if the Board deems it necessary to determine and enforce compliance with this Act, the Bank Holding Company Act of 1956, or other applicable Federal banking law.”.Effective date note
Amendment by Pub. L. 106–102 effective 120 days after Nov. 12, 1999, see section 161 of Pub. L. 106–102, set out as a note under section 24 of this title.
4 of 4 references resolved to an enrolled provision
Editorial Notes
References in Text
For definition of “this chapter”, referred to in subsecs. (a)(2), (c), and (d), see References in Text note set out under section 3101 of this title.
The Bank Holding Company Act of 1956, referred to in subsec. (c), is act May 9, 1956, ch. 240, 70 Stat. 133, which is classified principally to chapter 17 (§ 1841 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1841 of this title and Tables.
Amendments1991–1999 · 3 rounds
1999
Subsec. (c). Pub. L. 106–102 inserted at end “The Board may also make examinations of any affiliate of a foreign bank conducting business in any State if the Board deems it necessary to determine and enforce compliance with this chapter, the Bank Holding Company Act of 1956, or other applicable Federal banking law.”
1992
Subsec. (b). Pub. L. 102–550 substituted “section 3105(e) of this title” for “paragraphs (1), (2), and (3) of section 3105(d) of this title”.
1991
Pub. L. 102–242 amended section generally. Prior to amendment, section read as follows:
“(a) Any foreign bank that maintains an office other than a branch or agency in any State shall register with the Secretary of the Treasury in accordance with rules prescribed by him, within one hundred and eighty days after , or the date on which the office is established, whichever is later.
“(b) This chapter does not authorize the establishment of any such office in any State in contravention of State law.”
Statutory Notes and Related Subsidiaries
Effective Date of 1999 Amendment
Amendment by Pub. L. 106–102 effective 120 days after , see section 161 of Pub. L. 106–102, set out as a note under section 24 of this title.
Effective Date of 1992 Amendment
Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of , see section 1609(a) of Pub. L. 102–550, set out as a note under section 191 of this title.
Moratorium on Examination Fees Under This Chapter
Pub. L. 103–328, title I, § 115(b), , 108 Stat. 2368, provided that: “The provision of section 10(c) of the International Banking Act of 1978 [12 U.S.C. 3107(c)] relating to the cost of examinations under such section shall not apply with respect to any examination under such section which begins before or during the 3-year period beginning on .”