W. Va. Code R. § 106-20-6

Current through Register Vol. XLI, No. 45, November 8, 2024

Section 106-20-6 - Applicability of the West Virginia bank parity law to derivative transactions

6.1 West Virginia Code § 31A-8C-1, et seq., allows banks, upon the prior approval of the Commissioner of Financial Institutions, to engage in or offer any "financially related" activities, products or services that are offered or engaged in by national banks, federal thrifts, credit unions, or any state bank chartered in a state other than West Virginia.

6.2 Engaging in a derivative transaction is a "financially related" activity as that term is defined in W.Va. Code §31A-8C-1.

6.3 Banks may engage in derivative transactions using the laws or regulations applicable to national banks, federal thrifts, credit unions or state banks chartered in a state other than West Virginia terms and conditions only if they have obtained the prior approval of the Commissioner of Financial Institutions.

W. Va. Code R. § 106-20-6