Also found in: Financial.
FBSEAForeign Bank Supervision Enhancement Act
References in periodicals archive ?
During the period from 1991 to 2007, several Chinese banks received approval under the FBSEA for the establishment of representative offices for the purpose of soliciting customers and acting as a U.
In seeking to establish a branch, the "consolidated basis" language of the FBSEA applies.
Though the FRB refused to find that CMB, ICBC, and CCB were subject to the strict regulatory standards mandated by the FBSEA, they were permitted entry under the 12 U.
The FBSEA does not preempt state regulatory oversight and approval.
To fulfill its expanded role under FBSEA over the U.
FBSEA legislation was designed to minimize the potential for illegal activities by establishing uniform standards for entry by foreign banks and, if illegal activities are suspected, to provide as many regulatory and supervisory tools as possible to investigate and enforce compliance.
Although the Board believes that these provisions go too far, the Board believes that some provisions of FBSEA should be reevaluated--most notably the inflexible requirement that the Board not approve an application unless a foreign bank is subject to comprehensive consolidated supervision by home country authorities.
The FBSEA also imposed new restrictions on deposit taking by foreign banks.
The immediate effectiveness of major portions of the FBSEA required that implementation proceed quickly.
On December 19, 1991, the Board and the OCC issued a joint statement to guide foreign bank branches and agencies with respect to the new statutory limitation in the FBSEA on deposit taking.
6) A recent technical amendment to the FBSEA, adopted in October 1992, has clarified that the statutory prohibition on accepting deposits under $100,000 is limited to domestic retail deposits that require deposit insurance protection and does not apply to the broader category of all deposits "having balances of less than $100,000.