Explanatory All Institutions Letter
April 22, 2009
TO THE INDIVIDUAL OR INSTITUTION ADDRESSED:
Re: Adoption of Amendments to Supervisory Policy G 8, Title 3 NYCRR (Registration of Domestic Representative Offices)
The Banking Board has adopted the attached amendments to Supervisory Policy G 8 as a final rule. The amendments will become effective upon publication in the State Register, which is expected to occur on April 29, 2009.
The amendments revise the registration requirements for domestic banking institutions establishing a representative office in New York in order to eliminate information no longer deemed necessary, and to clarify from which institutions and under what circumstances a formal registration will be required.The significant changes include elimination of the registration requirement for federally chartered banks, clarifying that registration is required for out-of-state representative offices of New York State-chartered banks, and eliminating the opinion of counsel requirement for such banks.
Very truly yours,
Sam L. Abram
Secretary of the Banking Board