Title of Rule: Chapter 50-32 WAC, Establishment of alien banks in Washington -- Procedure.
Purpose: Housekeeping changes and recodifying chapter 50-32 WAC.
Statutory Authority for Adoption: RCW 30.04.030 and 43.320.040.
Statute Being Implemented: RCW 30.04.030 and 43.320.040.
Summary: To make housekeeping changes in chapter 50-32 WAC and to recodify it as a chapter of Title 208 WAC. Chapter 50-32 WAC currently refers to "supervisor of banking" and "division of banking." These terms were changed in October 1993 to "director of the department of financial institutions" and "division of banks."
Reasons Supporting Proposal: Terms were changed in October 1993 after the Division of Banking, the Division of Savings and Loan Association, and the Securities Division of Department of Licensing merged to form the Department of Financial Institutions. The intent of the rule remains unchanged.
Name of Agency Personnel Responsible for Drafting, Implementation and Enforcement: Mike Abe, 210 11th Avenue S.W., Suite 300, (360) 902-8704.
Name of Proponent: The Department of Financial Institutions, governmental.
Rule is not necessitated by federal law, federal or state court decision.
Explanation of Rule, its Purpose, and Anticipated Effects: To make housekeeping changes in chapter 50-32 WAC and to recodify it as a chapter of Title 208 WAC. Chapter 50-32 WAC currently refers to "supervisor of banking" and "division of banking." These terms were changed in October 1993 to "director of the department of financial institutions" and "division of banks."
Proposal does not change existing rules. No substantive
changes to rules.
THIS RULE IS BEING PROPOSED TO BE ADOPTED USING AN EXPEDITED RULE-MAKING PROCESS THAT WILL ELIMINATE THE NEED FOR THE AGENCY TO HOLD PUBLIC HEARINGS, PREPARE A SMALL BUSINESS ECONOMIC IMPACT STATEMENT, OR PROVIDE RESPONSES TO THE CRITERIA FOR A SIGNIFICANT LEGISLATIVE RULE. IF YOU OBJECT TO THIS RULE BEING ADOPTED USING THE EXPEDITED RULE-MAKING PROCESS, YOU MUST EXPRESS YOUR OBJECTIONS IN WRITING AND THEY MUST BE SENT TO Mike Abe, Program Manager, Division of Banks, Department of Financial Institutions, 210 11th Avenue S.W., Suite 300, Olympia, WA 98504-1200 , AND RECEIVED BY September 5, 2000, by 5:00 p.m.
June 30, 2000
John L. Bley
AMENDATORY SECTION(Amending Order 23, filed 8/14/73)
For purposes of these rules and regulations, the following terms are defined as:
(1) Act - chapter 53, Laws of 1973 1st ex. sess.
(2) Application - "Application" means an application of an
alien bank to the ((
supervisor of banking)) director of the
department of financial institutions for a certificate of
authority to establish and operate an agency, branch or bureau in
the state of Washington.
(3) Domiciliary country - "Domiciliary country" means the foreign country under the laws of which the alien bank is organized.
(4) Fiscal year - "Fiscal year" means the fiscal year of the alien bank.
(5) Depositary - "Depositary" shall mean a bank with its
principal place of business within the state of Washington
selected by the alien bank and approved by the ((
banking)) director, for the deposit of the cash or liquid assets
required by section 7 and 12 of the act.
(6) Rules and regulations - "Rules and regulations" means
all of Title ((
50)) 208 WAC. Alien banks in conducting
authorized banking business shall be subject to such rules and
regulations under the same terms and conditions as applied to
banks organized under the laws of this state to the extent that
such rules and regulations as applied to alien banking operations
are consistent with the intent and purposes of the alien bank act
and subject to limitations and restrictions imposed by these
alien bank rules and regulations.
(7) Section - Section numbers referred to herein are those found in chapter 53, Laws of 1973 1st ex. sess.
[Order 23, § 50-32-020, filed 8/14/73.]
An application by an alien bank to establish and operate an office or bureau in the state of Washington shall be made on the form prescribed in Appendices 1, 2 or 3, whichever is applicable.
An application shall not be deemed complete if, in the
opinion of the ((
supervisor)) director, the applicant has not
supplied all of the required information or the information
supplied is deficient. After receipt of the completed
application, the (( supervisor)) director shall conduct his
(1) Office. The ((
supervisor)) director shall notify the
applicant of denial or conditional approval of an application for
a certificate for an agency or branch within 180 days of his
receipt of the completed application.
If the application for a certificate for an agency or branch is conditionally approved, the applicant must supply the following documents executed by the governing board and properly sworn to before a U.S. Consular Official within 60 days of notification.
(a) Appointment of the ((
supervisor of banking)) director of
the department of financial institutions as agent
(b) Designation of bank's agent for service in Washington
(c) Letter of guaranty
(d) Appointment of depositary(ies)
(e) Certificate of allocation and assignment of capital
(f) Depositary agreements for assigned and allocated capital
(g) A power of attorney in favor of the person designated to be in charge of the business and affairs of the office.
The applicant shall also provide proof of fidelity bond coverage and the oath of the managing officer of the Washington office.
After receipt of these documents and after the
supervisor)) director is satisfied that all statutory
requirements have been met, he shall issue his certificate.
(2) Bureau. The ((
supervisor)) director shall notify the
applicant of denial or approval of an application for a
certificate for a bureau within 90 days of his receipt of the
completed application. If the application is approved, the
certificate will be issued forthwith.
[Order 23, § 50-32-030, filed 8/14/73.]
accountant selected to audit the books of account of an alien
office shall be an independent accountant licensed to practice by
the state of Washington and who is not an employee, officer, or
holder of the securities of the alien bank or its subsidiaries. Such accountant must have knowledge and experience with respect
to auditing books of international corporations. A resume' of
such accountant wherein the knowledge and experience is set forth
must accompany the alien bank's request that such accountant be
approved by the ((
supervisor of banking)) director. The report
of such independent accountant shall be based upon an audit made
in accordance with generally accepted auditing standards without
limitation on its scope and shall be unqualified.
[Order 23, § 50-32-040, filed 8/14/73.]
Each alien bank shall file the following periodic reports relating to the financial condition of the office:
(1) Examination (audit) report by an accountant approved by
supervisor)) director as of the last business day of the
fiscal year as prescribed by section 14 of the act.
(2) Reports of resources and liabilities as required by banks chartered by the state of Washington as prescribed by RCW 30.08.180 and 30.08.190, together with proof of publication. An agency need not publish such reports.
(3) Annual report of income on calendar year basis as a special report as required of banks chartered by the state of Washington (RCW 30.08.190).
[Order 23, § 50-32-090, filed 8/14/73.]
[Order 23, Appendix I (codified as WAC 50-32-99001), filed 8/14/73.]
[Order 23, Appendix II (codified as WAC 50-32-99002), filed 8/14/73.]
[Order 23, Appendix III (codified as WAC 50-32-99003), filed 8/14/73.]
The following sections of the Washington Administrative Code are recodified as follows:
|Old WAC number||New WAC number|