§ 3107. — Representative offices.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3107]
TITLE 12--BANKS AND BANKING
CHAPTER 32--FOREIGN BANK PARTICIPATION IN DOMESTIC MARKETS
Sec. 3107. 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 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.
(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 section 3105(e) of this
title 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. 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.
(d) Compliance with State law
This chapter does not authorize the establishment of a
representative office in any State in contravention of State law.
(Pub. L. 95-369, Sec. 10, Sept. 17, 1978, 92 Stat. 624; Pub. L. 102-242,
title II, Sec. 204, Dec. 19, 1991, 105 Stat. 2292; Pub. L. 102-550,
title XVI, Sec. 1604(a)(4), Oct. 28, 1992, 106 Stat. 4082; Pub. L. 106-
102, title I, Sec. 142(b), Nov. 12, 1999, 113 Stat. 1384.)
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, as amended, which is classified
principally to chapter 17 (Sec. 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.
Amendments
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 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.''
Effective Date of 1999 Amendment
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.
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 Dec. 19, 1991, 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, Sec. 115(b), Sept. 29, 1994, 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 July 25, 1994.''
Section Referred to in Other Sections
This section is referred to in section 3105 of this title.