Page:United States Statutes at Large Volume 113 Part 2.djvu/364

 113 STAT. 1384 PUBLIC LAW 106-102—NOV. 12, 1999 beginning on the date of the enactment of the Gramm- Leach-Bliley Act, the Board, giving due regard to the principle of national treatment and equality of competitive opportunity, may impose such restrictions and requirements on the conduct of such activities by such foreign bank or company as are comparable to those imposed on a financial holding company organized under the laws of the United States, including a requirement to conduct such activities in compliance with any prudential safeguards established under section 114 of the Gramm-Leach-Bliley Act.". SEC. 142. REPRESENTATIVE OFFICES. (a) DEFINITION. — Section l(b)(15) of the International Banking Act of 1978 (12 U.S.C. 3101(15)) is amended by striking "State agency, or subsidiary of a foreign bank" and inserting "or State agency". (b) EXAMINATIONS. —Section 10(c) of the International Banking Act of 1978 (12 U.S.C. 3107(c)) is amended by adding at the end the following new sentence: "The Board may also make examinations of any affiliate of a foreign bank conducting business in any State if the Board deems it necessary to determine and enforce compliance with this Act, the Bank Holding Company Act of 1956, or other applicable Federal banking law.". Subtitle F—Direct Activities of Banks SEC. 151. AUTHORITY OF NATIONAL BANKS TO UNDERWRITE CER- TAIN MUNICIPAL BONDS. The paragraph designated the Seventh of section 5136 of the Revised Statutes of the United States (12 U.S.C. 24(7)) is amended by adding at the end the following new sentence: "In addition to the provisions in this paragraph for dealing in, underwriting, or purchasing securities, the limitations and restrictions contained in this paragraph as to dealing in, underwriting, and purchasing investment securities for the national bank's own account shall not apply to obligations (including limited obligation bonds, revenue bonds, and obligations that satisfy the requirements of section 142(b)(1) of the Internal Revenue Code of 1986) issued by or on behalf of any State or political subdivision of a State, including any municipal corporate instrumentality of 1 or more States, or any public agency or authority of any State or political subdivision of a State, if the national bank is well capitalized (as defined in section 38 of the Federal Deposit Insurance Act).". Subtitle G—Effective Date 12 USC 24 note. SEC. 161. EFFECTIVE DATE. This title (other than section 104) and the amendments made by this title shall take effect 120 days after the date of the enactment of this Act.

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