Issuance of Large-Denomination Obligations by Licensed Agencies of Foreign Banks
Section 202-a of the Banking Law authorizes the superintendent to adopt regulations that permit a foreign banking corporation, licensed pursuant to Article II of the Banking Law to maintain one or more agencies in New York, to issue to a corporation, partnership, trust, unincorporated association, joint-stock association or similar association obligations.
The term agency, as used in this policy and procedure, shall mean any agency of a foreign banking corporation licensed pursuant to Article II of the Banking Law.
Authority to Issue Large-Denomination Obligations
Any agency which shall have given notice to the superintendent, as provided under Section 202-a, shall be authorized to issue large-denomination obligations to any foreign or domestic corporation, partnership, trust, unincorporated association, joint-stock association or similar association upon the expiration of 30 days from the date such notice is given unless the superintendent shall have objected in writing to such agency within such 30-day period. The notice to be provided pursuant to this Section shall be in such form and contain such information as the superintendent may prescribe.
For purposes of Section 202-a, a large-denomination obligation, evidenced by a promissory note or a certificate of deposit in bearer form, shall be deemed to be issued to the initial holder thereof.