QFBOQualifying Foreign Banking Organization
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23(e) that on consummation Manulife would be eligible for the exemptions available to a QFBO under section 211.
A commenter opposing Manulife's request for eligibility for the QFBO exemptions asserted that Manulife does not meet the definition of a foreign banking organization on technical grounds.
Under this authority, the Board has exempted, among other things, all foreign activities of a QFBO from the nonbanking restrictions of the BHC Act.