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e-CFR data is current as of September 17, 2020

Title 12Chapter IIISubchapter BPart 347 → §347.112

Title 12: Banks and Banking

§347.112   Restrictions applicable to foreign organizations that act as futures commission merchants.

(a) If a bank acquires or retains an equity interest in a foreign organization that acts as a futures commission merchant pursuant to §347.105(b)(16), the foreign organization may not be a member of an exchange or clearing association that requires members to guarantee or otherwise contract to cover losses suffered by other members unless the:

(1) Foreign organization's liability does not exceed two percent of the bank's Tier 1 capital, or

(2) Bank has obtained the prior approval of the FDIC under §347.120(d).

(b) [Reserved]

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