Section 26-C205. LICENSES FOR BRANCHES AND AGENCIES OF FOREIGN BANKS

 

205.1No foreign bank shall establish or maintain an agency or branch office unless the Commissioner shall have first recommended approval of an application filed in accordance with subsection 201.2 of these rules, for the establishment of such office, and issued a license authorizing such bank to maintain the office.  However, nothing in this subsection shall be deemed to prohibit a foreign bank from establishing or maintaining a federal agency or federal branch in the District.

 

205.2If the Commissioner finds the following with respect to an application by a foreign bank for approval to establish an agency or branch office, the Commissioner shall recommend approval of such application:

 

(a)That the bank, any controlling person of the bank, the directors and executive officers of the bank or of any controlling person of the bank, and the proposed management of the office are each of good character and sound financial standing;

 

(b)That the financial history and condition of the bank are satisfactory;

 

(c)That the management of the bank and the proposed management of the office are adequate;

 

(d)That it is reasonable to believe that, if authorized to maintain the office, the bank will operate the office in a safe and sound manner and in compliance with all applicable laws, regulations, and orders;

 

(e)That the bank's plan to establish and to maintain the office affords reasonable promise of successful operation;

 

(f)That the bank has committed to promote international trade and finance within the District;

 

(g)That the bank's establishment and maintenance of the office will promote the public convenience and advantage; and

 

(h)In case the office is to be a branch office, that the foreign nation where the bank is domiciled permits banks organized under the laws of the District and national banks headquartered in the District to establish and maintain in such foreign nation offices substantially equivalent to agencies, offices substantially equivalent to branch offices, or wholly (except for directors' qualifying shares) owned banks organized under the laws of such foreign nation.

 

205.3If the Commissioner finds otherwise, the Commissioner shall recommend disapproval of the application.

 

205.4Whenever an application by a foreign bank for approval to establish an agency or branch office has been approved and all conditions precedent to the issuance of a license authorizing the bank to maintain the office have been fulfilled, including approval of the application by the Council, the Commissioner shall issue the license.

 

source

Final Rulemaking published at 35 DCR 6276, 6283-6284 (August 19, 1988).