Rule 80-7-1-.02 - Definitions(1) For purposes of this rule chapter, the following terms have the meanings assigned to them by O.C.G.A. § 7-1-1100: "affiliate", "agency", "bank", "bank supervisory agency", "branch" (when used in reference to an office of a foreign bank), "control", "deposit", "depository institution", "federal agency", "federal branch", "foreign bank", "functional regulatory agency", "Georgia state agency", "Georgia state bank", "Georgia state branch", "Georgia state representative office", "home state", "insolvency", "International Banking Act", "national bank", "office of a foreign bank", "out-of-state foreign bank", "representative office" (when used in reference to an office of a foreign bank), "state", "state bank", "subsidiary", and "United States."(2) For purposes of this rule chapter, the following terms shall have the meanings assigned to them below: (a) "Approved Depository" has the meaning assigned in Rule 80-7-1-.11(a).(b) "Commissioner" means the commissioner of the Department.(c) "Department" means the Department of Banking and Finance.(d) "Establish a Georgia state branch, Georgia state agency or Georgia state representative office" means to: 1. Open and conduct permitted business through an initial or additional Georgia state branch or Georgia state agency, or open and engage in permitted representative activities at a Georgia state representative office;2. Acquire directly or indirectly through merger, consolidation, or similar transaction with another foreign bank, the operations of a Georgia state branch or Georgia state agency that is open and conducting business or, in the case of a Georgia state representative office, engaging in representative activities in Georgia permitted for a Georgia state representative office;3. Acquire a Georgia state branch, Georgia state agency or Georgia state representative office through the acquisition of a foreign bank that will cease to operate in the same corporate form following the acquisition;4. Convert a federal branch or federal agency operated by a foreign bank in Georgia controlled by a foreign bank, into a Georgia state branch, a Georgia state agency or a Georgia state representative office;5. Convert a loan production, deposit production, or trust representative office operated in Georgia by a federal branch of foreign bank, which is not located in Georgia, into a Georgia state branch, a Georgia state agency or a Georgia state representative office;6. Relocate a foreign bank state branch, state agency or state representative office from another state to Georgia, through the establishment of a Georgia state branch, Georgia state agency, or Georgia state representative office and a transfer of assets and/or liabilities to the new Georgia location or by other means; or7. Convert a Georgia state agency or Georgia state representative office to a higher class of Georgia state foreign bank office, in accordance with O.C.G.A. §§ 7-1-1107 and 7-1-1111.(e) "FDIC" means the Federal Deposit Insurance Corporation(f) "Foreign business" means any entity, including, but not limited to, a corporation, limited liability company, partnership, sole proprietorship, association, foundation, trust, or similar entity that is organized under the laws of a foreign country, or any United States entity that is controlled by a foreign entity or foreign national.(g) "Foreign country" means one or more nations other than the United States, and includes the overseas territories, dependencies, and insular possessions of those nations and of the United States (including the Commonwealth of Puerto Rico).(h) "FRB" means the Board of Governors of the Federal Reserve System.(i) "Highly rated foreign bank" has the meaning assigned in Rule 80-7-1-.12.(j) "Home country" means the foreign country in which the foreign bank is chartered or incorporated.(k) "Home country supervisor" means the governmental entity or entities in the foreign bank's home country responsible for supervising and regulating the foreign bank.(l) "International banking facility" means a set of asset and liability accounts segregated on the books and records of a depository institution, Georgia state branch or Georgia state agency of a foreign bank.(m) "Managed" by a Georgia state branch or Georgia state agency means that a majority of the responsibility for business decisions, including decisions with regard to lending, asset management, funding, or liability management, or the responsibility for recordkeeping of assets or liabilities for a non-United States office, resides at the Georgia state branch or Georgia state agency. For purposes of this definition, forwarding data or information of offshore operations gathered or compiled by the United States office in the normal course of business to the foreign bank or its affiliates does not constitute recordkeeping.(n) "NRSRO" means a Nationally Recognized Statistical Rating Organization designated by the federal Securities and Exchange Commission(o) "OCC" means the federal Office of the Comptroller of the Currency.(p) "Foreign bank senior management" means individuals at the executive level of the foreign bank who are responsible for supervising and authorizing activities of the Georgia state branch, Georgia state agency or Georgia state representative office.(q) "Person" means an individual or a corporation, government, limited liability company, partnership, association, or any other entity.(r) "Permitted Pledged Assets" has the meaning assigned in Rule 80-7-1-.11(b).(s) "Pledged Assets" has the meaning assigned in Rule 80-7-1-.11(a).Ga. Comp. R. & Regs. R. 80-7-1-.02
O.C.G.A. §§ 7-1-61; 7-1-1109.
Original Rule entitled "Status of Georgia Institutions." was filed on October 15, 1981; effective November 4, 1981.Amended: New title, "Definitions." F. Dec. 20, 2024; eff. Jan. 9, 2025.