Rule 80-7-1-.04 - Permissible Activities(1) Applicability of laws -(a) General. As provided in O.C.G.A. § 7-1-1106, except as otherwise provided by the International Banking Act, other Federal laws or regulations, other state laws or regulations, or otherwise determined by the Department, the operations of a foreign bank at a Georgia state branch, Georgia state agency, or Georgia state representative office shall be conducted with the same rights and privileges and subject to the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply if the Georgia state branch, Georgia state agency, or Georgia state representative office were a Georgia state bank operating at the same location.(b) Foreign bank senior management approval. Unless otherwise provided by the Department, any provision in law, regulation, policy, or procedure that requires a Georgia state bank to obtain the approval of its board of directors will be deemed to require a Georgia state branch or Georgia state agency to obtain the approval of foreign bank senior management.(2) Management of shell branches - Georgia state branches and Georgia state agencies. A Georgia state branch or Georgia state agency of a foreign bank shall not manage, through an office of the foreign bank that is located outside the United States and that is managed or controlled by that Georgia state branch or Georgia state agency, any type of activity that a United States bank is not permitted to manage at any branch or subsidiary of the United States bank that is located outside the United States. United States procedural or quantitative requirements that may be applicable to the conduct of those activities by United States banks do not apply.(3) Additional guidance regarding permissible activities. For purposes of O.C.G.A. § 7-1-1101(c), the Department may issue opinions, interpretations, or rulings regarding the permissible business activities of Georgia state branches and Georgia state agencies may engage in, and the representative activities a Georgia state representative office may engage in.Ga. Comp. R. & Regs. R. 80-7-1-.04
O.C.G.A. §§ 7-1-61; 7-1-1109.
Original Rule entitled "Interpretations." was filed on October 15, 1981; effective November 4, 1981.Amended: New title, "Permissible Activities." F. Dec. 20, 2024; eff. Jan. 9, 2025.