Fla. Admin. Code R. 69U-140.002

Current through Reg. 50, No. 253; December 31, 2024

Section 69U-140.002 - Applications

(1) The application for authority to establish an international branch, or international bank agency, shall be filed on Form OFR-U-20, Application for the Establishment of an International Branch or International Bank Agency in the State of Florida, effective 01/2018, herein incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-08795. The application for authority to establish an international representative office or international administrative office shall be filed on Form OFR-U-20A, Application for the Establishment of an International Representative Office or International Administrative Office in the State of Florida, effective 01/2018, herein incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-08797. The application to convert an international bank agency to an international branch shall be filed on Form OFR-U-20B, Application to Convert an International Bank Agency to an International Branch, effective 01/2018, herein incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-08801. The application for authority to organize an international development bank shall be filed on Form OFR-U-20C, Application for Authority to Organize an International Development Bank, effective 01/2018, herein incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-08791. The application for authority to convert a currently licensed international banking office to an office of a different type shall be filed on Form OFR-U-20E, Application for Authority to Convert a Licensed International Banking Office to an Office of a Different Type, effective 01/2018, herein incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-08792. The application shall be submitted with a nonrefundable filing fee in the amount prescribed by Section 663.12, F.S., which is made payable to the Office of Financial Regulation (OFR).

(2) An applicant which seeks authority to establish an international branch, international bank agency, international administrative office, or an international representative office may, in lieu of submitting its application on the form prescribed by the OFR in subsection (1), above, submit its application on such form and containing such information as is required by the Board of Governors of the Federal Reserve System.

(3) An applicant which seeks authority to establish an international branch, international bank agency, international administrative office, or an international representative office may submit the biographical information concerning its directors, executive officers, principal shareholders and proposed Florida management in the same form that such information was submitted to the Board of Governors of the Federal Reserve System on Interagency Biographical and Financial Report FR 2081c (expiration 12/31/2017), herein incorporated by reference and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-07395. The financial information in FR 2081c need not be provided.

(4) After the Fact Licensure In the Event of Acquisition, Merger, or Consolidation. Pursuant to section 663.0601, F.S., if an international banking corporation proposes to acquire, merge, or consolidate with an international banking corporation that presently operates an international branch, international bank agency, international administrative office, or international representative office licensed in the State of Florida, the OFR may allow the currently licensed office to remain open and in operation after the consumation of a proposed acquisition, merger, or consolidation subject to certain conditions. An after-the-fact application for authority to establish an international branch or international bank agency shall be filed on Form OFR-U-20, Application for the Establishment of an International Branch or International Bank Agency in the State of Florida, effective 01/2018, which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-08795. The application shall be submitted with a nonrefundable filing fee in the amount prescribed by Section 663.12(1), F.S., which is made payable to the OFR. An after-the-fact application for authority to establish an international administrative office or an international representative office shall be filed on Form OFR-U-20A, Application for the Establishment of an International Representative Office or International Administrative Office in the State of Florida, effective 01/2018, which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-08797. The application shall be submitted with a nonrefundable filing fee in the amount prescribed by Section 663.12(1), F.S., which is made payable to the OFR.

(a) At least 30 days prior to the consumation of the acquisition, merger, or consolidation, the international banking corporation currently licensed to operate an international branch, international bank agency, international administrative office, or international representative office in Florida must provide the OFR a written notice. This written notice shall contain the following:

1. The name, home jurisdiction, and home country supervisor of each party to the transaction.

2. The effective date of the proposed transaction.

3. The type and terms of the transaction. The written notice must indicate whether the proposed transaction is an aqcuisition, merger, or consolidation, and give a brief description of the terms of the proposed transaction, including the names of the current and resulting entities, any reasons for engaging in the proposed transaction, and any proposed change to the board of directors.

4. If the proposed transaction will result in a change of home country supervisor, the written notice must include the name and home country jurisdiction of the new home country supervisor.

5. Certification that the international branch, international bank agency, international administrative office, or international representative office will not engage in any new lines of business or otherwise expand its activities until final disposition of the after-the-fact application.

6. Certification that the proposed transaction will not result in violation of subsection (1) of Section 663.0601, F.S.

(5) Pursuant to Section 663.05(4), F.S., an international banking corporation that has operated an international branch, international bank agency, international administrative office, or international representative office in this state for at least three years in a safe and sound manner, as defined by commission rule, and that is otherwise eligible to establish an additional office may establish one or more additional international branches, international bank agencies, international administrative offices, or international representative offices by providing an abbreviated application. An international banking corporation may not use an abbreviated application to seek licensure for any license type whose permissible activities are broader than those in which the international banking corporation is currently authorized to engage.

(a) For the purposes of this subsection, "safe and sound manner" means operating without violating any agreement in writing with, or order issued by, a state or federal regulatory agency, or engaging in any practice, conduct, or violation found by the OFR to be contrary to Title XXXVIII, F.S., or that otherwise creates the likelihood of loss, insolvency, or dissipation of assets or otherwise prejudices the interest of the international banking corporation or its customers.

(b) The abbreviated application for authority to establish an additional international branch or international bank agency shall be filed on Form OFR-U-20 ABR, Abbreviated Application for the Establishment of an Additional International Branch or International Bank Agency in the State of Florida, effective 01/2018, herein incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-08796. This abbreviated application shall be submitted with the appropriate nonrefundable filing fee in the amount prescribed by Section 663.12(1), F.S. The abbreviated application for authority to establish an additional international administrative office or international representative office shall be filed on Form OFR-U-20A ABR, Abbreviated Application for the Establishment of an Additional International Administrative Office or International Representative Office in the State of Florida, effective 01/2018, herein incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-08798. This abbreviated application shall be submitted with the appropriate nonrefundable filing fee in the amount prescribed by Section 663.12(1), F.S.

(6) For applications filed on or after January 1, 2018, the timelines contained in this subsection will apply to each application for authority to establish an international branch, international bank agency, international administrative office, or international representative office.

(a) The original and one copy of the application in the format required by OFR, accompanied by the prescribed fee, shall be filed with the Office of Financial Regulation, Division of Financial Institutions, 200 East Gaines Street, Tallahassee, Florida 32399-0371. No application will be deemed filed or received for publication unless accompanied by the proper filing fee. All filing fees for any license action covered by these rules are nonrefundable. Upon receipt of the application and the accompanying fee, the applicant shall be so notified by OFR.

(b) The OFR shall have published in the F.A.R. notice of the application within 21 days after receipt.

(c) Within 21 days after publication of notice, any person may request a hearing. Failure to request a hearing within 21 days after notice constitutes a waiver of any right to a hearing. The OFR or an applicant may request a hearing at any time prior to the issuance of a final order. Hearings shall be conducted pursuant to Sections 120.569 and 120.57, F.S.

(d) Should a hearing be requested as provided by paragraph (c), the applicant or licensee shall publish at its own cost a notice of the hearing in a newspaper of general circulation in the area affected by the application.

(e) All information the applicant wants to present to support the application should be submitted with the original filing. The required exhibits in the application forms are not intended to limit the applicant's presentation of any of the requirements, but merely represent the minimum information required to be filed. All additional information and/or complete correction of all errors or omissions must be submitted within 60 days after requested by OFR. Applicant's failure to respond to such request within 60 days after the date of the request shall be construed by OFR as grounds for denial of an application in accordance with the provisions of Section 120.60(1), F.S., and the file shall be closed, unless good cause is shown that it remain open. Should the file be closed pursuant to these provisions, the applicant shall be duly notified.

(f) An applicant may amend the application as to those factors generally within the control or selection of the applicant once, as a matter of course, at any time within 30 days from its receipt for filing. Otherwise, the application may only be amended with permission from OFR. Requests to make material changes filed at any time after the application has been received shall be deemed by OFR to be grounds for denial, and upon such denial a new application accompanied by the appropriate filing fee shall be required. If OFR grants a request to make material changes in the application, the amended application will be treated as a new application with respect to the applicable rules of this chapter, except that no additional filing fee shall be required. When an application is denied on the grounds set forth above, the applicant shall be duly notified.

(g) Upon a request from an applicant, OFR shall permit the filing of supplemental information external to the application which sets forth evidence of changing economic conditions and transactions, occurrences, or events having a bearing on the application and which have taken place since the application was filed. Such supplemental information must be filed within a reasonable time after the information is known by the applicants but in no event later than 10 days before the hearing, if one has been requested.

(h) An application for authority to establish an international branch, an international bank agency, an international administrative office, or an international representative office must be approved or denied within 180 days after receipt of the original application, or receipt of the timely requested additional information or correction of errors or omissions. An application for such a license which is not approved or denied within the 180-day period or within 30 days after conclusion of a public hearing on the application, whichever is later, shall be deemed approved subject to the satisfactory completion of conditions required by statute as a prerequisite to license.

(i) The applicant may withdraw the application at any time by filing a written notice of withdrawal from the correspondent as designated on the application form with OFR. OFR shall publish notice of the withdrawal within 21 days of its receipt, if the original application required public notice.

(7) Forms OFR-U-20, OFR-U-20A, and OFR-U-20B, which are incorporated herein by reference, may be obtained online at www.flofr.gov. Forms may also be obtained at no cost by request to the Office of Financial Regulation, Division of Financial Institutions, 200 East Gaines Street, Tallahassee, Florida 32399-0371.

(8) Notice Regarding Collection and Use of Social Security Numbers. The forms incorporated by reference in this rule request that the applicant provide his or her social security number. In accordance with Sections 119.071(5)(a)2.a. and b., F.S., the OFR gives the following notice to applicants regarding the OFR's collection and use of social security numbers:

(a) The OFR's collection of social security numbers is not expressly authorized by or mandatory under federal or state law, but it is imperative for the performance of the OFR's duties and responsibilities as prescribed by Sections 663.05(5) and (8), F.S., to ensure the safe and sound management and operations of offices of international banking corporations in this state.

(b) Social security numbers collected by the OFR may not be used by the OFR for any purpose other than the purpose provided in this notice.

(c) Social security numbers held by the OFR are confidential and exempt from Section 119.07(1), F.S., and Section 24(a), Article I of the State Constitution. This exemption does not supersede any federal law prohibiting the release of social security numbers or any other applicable public records exemption for social security numbers existing prior to May 13, 2002, or created thereafter.

(d) Social security numbers held by the OFR may be disclosed if any of the following apply:

1. The disclosure of the social security number is expressly required by federal or state law or a court order;

2. The disclosure of the social security number is necessary for the receiving agency or governmental entity to perform its duties and responsibilities;

3. The individual expressly consents in writing to the disclosure of his or her social security number;

4. The disclosure of the social security number is made to comply with the USA Patriot Act of 2001, Pub. L. No. 107-56, or Presidential Executive Order 13224;

5. The disclosure of the social security number is made to a commercial entity for the permissible uses set forth in the federal Driver's Privacy Protection Act of 1994, 18 U.S.C. sections 2721 et seq.; the Fair Credit Reporting Act, 15 U.S.C. sections 1681 et seq.; or the Financial Services Modernization Act of 1999, 15 U.S.C. sections 6801 et seq., provided that the authorized commercial entity complies with the requirements of this paragraph;

6. The disclosure of the social security number is for the purpose of the administration of health benefits for an agency employee or his or her dependents;

7. The disclosure of the social security number is for the purpose of the administration of a pension fund administered for the agency employee's retirement fund, deferred compensation plan, or defined contribution plan; or

8. The disclosure of the social security number is for the purpose of the administration of the Uniform Commercial Code by the office of the Secretary of State.

Fla. Admin. Code Ann. R. 69U-140.002

Rulemaking Authority 655.012(2), 663.05(4), 663.05(5), 663.05(6), 663.05(9), 663.0601(2), 663.10, 663.304, 663.13 FS. Law Implemented 119.071(5)(a), 663.04, 663.05, 663.0601, 663.10, 663.304 FS.

New 7-21-81, Amended 12-20-82, 3-8-84, Formerly 3C-15.09, Amended 2-9-87, 10-1-87, 10-10-88, 1-24-89, Formerly 3C-15.009, Amended 3-22-93, 9-5-94, Formerly 3C-140.050, Amended 11-5-97, 3-11-02, Formerly 3C-140.002, Amended by Florida Register Volume 42, Number 159, August 16, 2016 effective 8/28/2016, Amended by Florida Register Volume 43, Number 220, November 14, 2017 effective 1/1/2018.