N.Y. Comp. Codes R. & Regs. tit. 3 § 322.7

Current through Register Vol. 46, No. 25, June 18, 2024

Section 322.7 - Definition of well-rated foreign banking corporation

(a) For purposes of this Part, well-rated foreign banking corporation means a foreign banking corporation designated as such by the superintendent. Such an institution must be considered by the superintendent generally to be well-capitalized and well-managed. The superintendent will consider the following factors, among others, in making such determination:

(1) whether the parent foreign bank on a consolidated basis maintains a well-capitalized position (currently, tier 1 and total risk-based capital ratios of 6 and 10 percent, respectively, as calculated in accordance with standards set by the Basel Committee on Banking Supervision);

(2) the strength of support assessment (SOSA) rating issued by the Federal banking agencies;

(3) the composite rating for the foreign banking corporation's New York office or offices (such rating should be no lower than a "2"); and

(4) whether there are any formal supervisory, regulatory, or enforcement actions outstanding against the New York office or offices.

(b) A well-rated foreign banking corporation shall promptly inform the superintendent if it becomes aware of the existence of any fact that could cause its loss of status as "well-rated." The superintendent will also notify the foreign banking corporation of its loss of status as a well-rated institution when such determination is made. Upon a foreign banking corporation being informed by the superintendent that it is no longer deemed "well-rated" for purposes of this Part, the foreign banking corporation shall have 30 days to comply with the requirements of this Part applicable to those institutions not designated as "well-rated," unless otherwise directed by the superintendent.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 322.7