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United States: Federal Reserve System Rules Concerning International Banking Facilities*

Published online by Cambridge University Press:  31 May 2017

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Type
Legislation and Regulations
Information
International Legal Materials , Volume 21 , Issue 4 , July 1982 , pp. 872 - 881
Copyright
Copyright © American Society of International Law 1982

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Footnotes

*

[The Introductory Note was prepared for International Legal Materials by Cynthia C. Lichtenstein, Boston College Law School.]

[The Federal Reserve Rules concerning International Banking Facilities begin at I.L.M. page 878. As of July 30, 1982, nine states had passed specific legislation concerning international banking facilities . They are: California, Connecticut, Florida, Georgia, Illinois, Maryland, New York, North Carolina and Washington. In general, this state legislation exempts international banking facilities from state and local income or franchise taxes.]

[The International Banking Act of 1978, referred to in the Introductory Note, appears at 18 I.L.M. 167 (1979).]

[[Reproduced from the U.S. Federal Register, Vol. 46, No. 120(June 23, 1981), pp. 32426-30.]

References

1 For assets held by an institution prior to its establishment of an IBF that are transferred to the IBF within such four-week period, an IBF is not required to provide such customers with notice of the Board's policy concerning IBFs or to obtain acknowledgment thereof. However, an IBF is required to provide such notice and obtain such acknowledgment (if required) upon any subsequent extension of creditto such customer.

1 This subparagraph does not apply to assets (1) that were acquired befor" October 7,1979, or (2) that were acquired by an IBF from its establishing entity before the end of the fourth reserve computation period after its establishment