19307285, 69U-140.002 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 19307285

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

FSC - Financial Institution Regulation

Chapter:

INTERNATIONAL BANKS

Overview

RULE:

69U-140.002	Applications
69U-140.003	Principles of Adequate Supervision of an International Banking Corporation's Foreign Establishments
69U-140.004	Application for the Establishment of Separate International Banking Agencies by a Qualified International Banking Corporation (Repealed)
69U-140.0045	Interim Operational Plans
69U-140.005	Surrender of License
69U-140.006	Investment Services
69U-140.008	Permissible Activities for an International Bank Agency
69U-140.015	Capital Equivalency or Asset Maintenance
69U-140.016	Capital Accounts and Capital Ratio Standards
69U-140.017	Acceptances
69U-140.018	Minimum Audit Procedures - International Bank Agencies
69U-140.019	Financial Reports
69U-140.022	Service of Process (Repealed)
69U-140.023	Reciprocity
69U-140.120	Examination Fees

PURPOSE:

The Office of Financial Regulation (OFR) proposes to create new rules, and amend existing rules, under Chapter 69U-140, F.A.C., to implement Ch. 2017-83, Laws of Florida (International Financial Institutions), signed into law on June 9, 2017.  The legislation requires the Financial Services Commission to implement some of its provisions by rule.  Additionally, the OFR proposes to amend Rule 69U-140.005, F.A.C., to make the surrender of license requirements applicable to all licensed offices of international banking corporations; and amend Rule 69U-140.023, F.A.C., to update the reciprocity requirement.  Finally, the OFR proposes to amend Rules 69U-140.002, 140.003, 140.004, 140.005, 140.006, 140.008, 140.015, 140.017, 140.018, 140.019, 140.020, 140.022, 140.023, and 140.120, F.A.C., to update references to revised rules, statutes, and forms, update cites in the rules’ rulemaking authority and law implemented sections, revise language of current rules to create consistency with proposed new rules, and clean-up superfluous language.

SUMMARY:

The OFR proposes to amend Chapter 69U-140, F.A.C., which governs the regulation of licensed offices of International Banking Corporations.

RULEMAKING AUTHORITY:

655.012(2), 655.045(3), 663.05(4), 663.05(5), 663.05(6), 663.05(9), 663.055(4), 663.06(2), 663.06(4), 663.0601(2), 663.061(3), 663.07(1), 663.083(1), 663.09, 663.11(1)(b)2., 663.12(3), 663.13 FS.

LAW:

48.081, 48.181, 48.193, 119.071(5)(a), 655.045(3), 658.95, 658.96, 663.02(1), 663.04, 663.05, 663.055, 663.06, 663.0601, 663.061, 663.07, 663.08, 663.083(1), 663.09, 663.10, 663.11, 663.12, 663.13 FS.

PRINT PUBLISH DATE:

8/18/2017 Vol. 43/161

COMMENTS:

From 8/18/2017 To 9/8/2017 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

Ref-07394 OFR-U-20D Application for the Establishment of an International Trust Company Representative Office

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