Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-140 - INTERNATIONAL BANKS › Section 69U-140.0045 - Interim Operational Plans

Current through Reg. 50, No. 138; July 16, 2024
(1) Pursuant
				to section 663.11, F.S., an international
				banking corporation that is licensed to maintain an international branch,
				international bank agency, international administrative office, or
				international representative office may not continue to conduct its licensed
				business in this state if the international banking corporation is experiencing
				any of the statuses outlined in sections
				663.11(1)(a)
				1.-3., F.S. However, subject to OFR approval, the OFR may permit an
				international branch, international bank agency, international administrative
				office, or international representative office to remain open and in operation
				if the international banking corporation is experiencing any of the statuses
				outlined in sections 663.11(1)(a)
				2.-3., F.S., if, within the 30 days after the occurrence of such event, the
				international branch, international bank agency, international administrative
				office, or international representative office provides the OFR with either a
				plan to wind down its affairs and business within the subsequent 90 days, or an
				interim operational plan to the OFR within 30 days after the occurrence of any
				such event.
(2) The interim
				operational plan submitted to the OFR must contain the following:
(a) The international banking corporation's
				operational requirements, restrictions, written agreements, or other documents
				provided by its home country supervisor based on its current status;
(b) A business continuity and strategic plan
				of the international branch, international bank agency, international
				administrative office, or international representative office and international
				banking based on the status of international banking corporation. The plans
				must include projected timelines and impact on business continuity based on the
				status of the international banking corporation.
(c) A description of the technical competence
				and administrative ability of the management of the international banking
				corporation and its offices or subsidiaries to manage and address requirements
				and operations based on its status;
(d) A description of the technical competence
				and administrative ability of the management of the international branch,
				international bank agency, international administrative office, or
				international representative office based on the status of the international
				banking corporation;
(e) A
				description of the adequacy of the accounting and internal control systems of
				the international banking corporation, particularly the international banking
				corporation's ability to monitor and supervise the activities of its offices or
				subsidiaries, wherever located, based on its status;
(f) A description of any updates to internal
				systems, processes, policies, and procedures of the international branch,
				international bank agency, international administrative office, or
				international representative office and the international banking corporation
				due to the status of the international banking corporation;
(g) The name and contact information of the
				international banking corporation's home country supervisor;
(h) The name and contact information of any
				supervisory authorities monitoring and overseeing the international banking
				corporation based on its status; and,
(i) If there are any changes to the officer
				or manager overseeing the operations of the international branch or
				international bank agency as part of the interim operational plan, the
				international branch or international bank agency shall submit Attachments 4(a)
Biographical Report
and 4(b)
Authorization for Release
				of Confidential Information
to the Form OFR-U-20, Application For the
				Establishment of an International Branch or International Bank Agency in the
				State of Florida, which is incorporated by reference in subsection
				69U-140.002(1),
				F.A.C., for each newly proposed officer or manager.
(j) If there are any changes to the officer
				or manager overseeing the operations of the international administrative office
				or international representative office as part of the interim operational plan,
				the international administrative office or international representative office
				shall submit Attachments 4(a)
Biographical Information
and
				4(b)
Authorization for Release of Confidential Information
to
				the Form OFR-U-20A, Application For the Establishment of an International
				Administrative Office or International Representative Office in the State of
				Florida, which is incorporated by reference in subsection
				69U-140.002(1),
				F.A.C., for each newly proposed officer or manager.