New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 322 - Pledge Of Assets And Maintenance Of Assets By Licensed Foreign Banking Corporations In New York › Section 322.5 - Record of assets and liabilities

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Except as provided in subdivision (c) of this section, every foreign banking
				  corporation licensed to maintain one or more agencies or branches in this State
				  shall maintain a record of the liabilities of the foreign banking corporation
				  appearing in the books, accounts and records of its agency, agencies, branch or
				  branches in this State as liabilities of such agency, agencies, branch or
				  branches as of the close of business on each Wednesday as determined in
				  accordance with section 202-b (2)  of the Banking
				  Law and section
				  322.4 
				  of this Part (liabilities requiring cover) and the assets as determined in
				  accordance with section 202-b (2)  of the Banking
				  Law and section
				  322.3  of this
				  Part (eligible assets). The record shall be written in ink or maintained in
				  other permanent legible form and be retained until the conclusion of the next
				  examination of the agency or branch by the Banking Department. A foreign
				  banking corporation authorized to maintain more than one agency or branch in
				  this State shall maintain the record on a consolidated basis. In the event that
				  such corporation is authorized to maintain both insured and uninsured branches,
				  a separate record may be maintained for each such category. No specific format
				  for the record is prescribed. It shall, however, contain such information in
				  sufficient detail as will permit ready verification of its accuracy.
(b) Each foreign banking corporation licensed
				  to maintain one or more branches or agencies in this State shall maintain, in
				  addition to the record required to be maintained by subdivision (a) of this
				  section, an itemized record of assets deposited for the account of the
				  Superintendent of Banks pursuant to section 202-b (1)  of the Banking
				  Law and section
				  322.1 
				  of this Part. The record shall include the value of assets deposited, at
				  principal or fair (market) value, whichever is lower.
(c) Each foreign banking corporation licensed
				  to maintain one or more branches or agencies in this State shall, in a form and
				  at an interval to be prescribed by the superintendent, prepare a report showing
				  the assets deposited pursuant to section 202-b (1)  of the Banking
				  Law and section
				  322.1 
				  of this Part and, except for those well-rated foreign banking corporations
				  eligible for and having on deposit eligible assets at least in the amount of
				  the cap provided in section
				  322.1(f) 
				  of this Part, the calculation of the pledge required under section
				  322.1 
				  of this Part.
(d) The records
				  required to be maintained by subdivisions (a) and (b) and the report required
				  by subdivision (c) of this section shall be authenticated by the signature of a
				  duly authorized officer of the agency or branch.