Page:United States Statutes at Large Volume 102 Part 2.djvu/383

 PUBLIC LAW 100-418—AUG. 23, 1988

102 STAT. 1387

(ii) in conjunction with a person of a foreign country, such company informed the Federal Reserve Bank of New York of the intention of such person to acquire control of such company. (c) EXCEPTION FOR COUNTRIES HAVING OR NEGOTIATING BILATERAL AGREEMENTS WITH THE UNITED STATES.—Subsection (b) shall not

apply to any person of a foreign country if— (1) that country, as of January 1, 1987, was negotiating a bilateral agreement with the United States under the authority of section 102(b)(4)(A) of the Trade Act of 1974 (19 U.S.C. 2112(b)(4)(A)); or (2) that country has a bilateral free trade area agreement with the United States which entered into force before January 1, 1987. (d) PERSON OF A FOREIGN COUNTRY DEFINED.—For purposes of this section, a person is a "person of a foreign country" if that person, or any other person which directly or indirectly owns or controls that person, is a resident of that country, is organized under the laws of that country, or has its principal place of business in that country. (e) EFFECTIVE DATE.—This section shall take effect 12 months after the date of the enactment of this Act.

Subtitle G—Financial Reports SEC. 3601. SHORT TITLE.

Financial Reports Act of 1988. 22 USC 5351.

This subtitle may be cited as the "Financial Reports Act of 1988". SEC. 3602. QUADRENNIAL REPORTS ON FOREIGN TREATMENT OF UNITED 22 USC 5352. STATES FINANCIAL INSTITUTIONS.

Not less frequently than every 4 years, beginning December 1, 1990, the Secretary of the Treasury, in conjunction with the Secretary of State, the Board of Grovernors of the Federal Reserve System, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Department of Commerce, shall report to the Congress on (1) the foreign countries from which foreign financial services institutions have entered into the business of providing financial services in the United States, (2) the kinds of financial services which are being offered, (3) the extent to which foreign countries deny national treatment to United States banking organizations and securities companies, and (4) the efforts undertaken by the United States to eliminate such discrimination. The report shall focus on those countries in which there are significant denials of national treatment which impact United States financial firms. The report shall also describe the progress of discussions pursuant to section 3603. SEC. 3603. FAIR TRADE IN FINANCIAL SERVICES.

President of U.S. (a) DISCUSSIONS.—When advantageous the President or his des- 22 USC 5353.

ignee shall conduct discussions with the governments of countries that are major financial centers, aimed at: (1) ensuring that United States banking organizations and securities companies have access to foreign markets and receive national treatment in those markets; (2) reducing or eliminating barriers to, and other distortions of, international trade in financial services;

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