Page:United States Statutes at Large Volume 105 Part 3.djvu/408

 105 STAT. 2292 PUBLIC LAW 102-242 —DEC. 19, 1991 conducted by the Board under section 7(c)(1) and, to the extent possible, shall participate in any simultaneous examinations of the United States operations of a foreign bank requested by the Board under such section.". (c) PARTICIPATION IN COORDINATED EXAMINATIONS. — (1) IN GENERAL.— Section 10(b) of the Federal Deposit Insurance Act (12 U.S.C. 1820(b)) is amended by redesignating paragraphs (5) and (6) as paragraphs (6) and (7), respectively, and by inserting after paragraph (4) the following new paragraph: "(5) EXAMINATION OF INSURED STATE BRANCHES. —The Board of Directors shall— "(A) coordinate examinations of insured State branches of foreign banks with examinations conducted by the Board of Governors of the Federal Reserve System under section 7(c)(1) of the International Banking Act of 1978; and "(B) to the extent possible, participate in any simultaneous examination of the United States operations of a foreign bank requested by the Board under such section.". (2) TECHNICAL AND CONFORMING AMENDMENT.—Paragraph (6) of section lOQo) of the Federal Deposit Insurance Act (12 U.S.C. 1820(b)) (as so redesignated under paragraph (1) of this subsection) by striking "or (4)" and inserting "(4), or (5)". SEC. 204. SUPERVISION OF THE REPRESENTATIVE OFFICES OF FOREIGN BANKS. Section 10 of the International Banking Act of 1978 (12 U.S.C. 3107) is amended to read as follows: "SEC. 10. REPRESENTATIVE OFFICES. " (a) PRIOR APPROVAL TO ESTABLISH REPRESENTATIVE OFFICES. — "(1) IN GENERAL.— No foreign bank may establish a representative office without the prior approval of the Board. "(2) STANDARDS FOR APPROVAL.— In acting on any application under this paragraph to establish a representative office, the Board shall take into account the standards contained in section 7(d)(2) and may impose any additional requirements that the Board determines to be necessary to carry out the purposes of this Act. "(b) TERMINATION OF REPRESENTATIVE OFFICES.— The Board may order the termination of the activities of a representative office of a foreign bank on the basis of the standards, procedures, and requirements applicable under paragraphs (1), (2), and (3) of section 7(d) with respect to branches and agencies. "(c) EXAMINATIONS.—The Board may make examinations of each representative office of a foreign bank, the cost of which shall be assessed against and paid by such foreign bank. "(d) COMPLIANCE WITH STATE LAW. —T his Act does not authorize the establishment of a representative office in any State in contravention of State law.". SEC. 205. REPORTING OF STOCK LOANS. Section 7(j)(9) of the Federal Deposit Insurance Act (12 U.S.C. 1817(j)(9)) is amended to read as follows: " (9) REPORTING OF STOCK LOANS. — "(A) REPORT REQUIRED. —Any financial institution and any affiliate of any financial institution that has credit outstanding to any person or group of persons which is

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