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1401 Procedures Governing Filings and Determinations Respecting Applications for a Foreign Bank Limited Purpose Branch Or Foreign Bank Agency

Published: 2015

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Title 5 Banking

1400 Foreign Banks

1401 Procedures Governing Filings and Determinations Respecting Applications for a Foreign Bank Limited Purpose Branch Or Foreign Bank Agency

5 Del.C. ยง1403

Formerly Regulation No.: 5.1403.0001

Effective Date: August 13, 1998

1.0 Application Process

1.1 Form of Application - An Applicant to establish a limited purpose branch or agency of a foreign bank in Delaware shall complete the "Application for Chartering of a Delaware Foreign Bank Limited Purpose Branch or Foreign Bank Agency" (Regulation No. 1402 Formerly 5.1403.0002). Such Application shall not be regarded as having been received by the Commissioner for the purposes of these regulations unless (1) all information solicited is provided in satisfactory form; (2) all documents which are required are attached to the application; (3) a duly empowered executive officer has signed and certified to the Application; and the Application is accompanied by a certified check made payable to the "State of Delaware" in the amount of $2,000.00.

1.2 Notice of Receipt of Application - Within seven (7) days of the date on which the Commissioner shall deem an Application to have been received, he shall cause to be published, at the expense of the Applicant, once a week for two consecutive weeks in a publication of general circulation within the County where the office of said Agency is to be located a notice acknowledging receipt of the Application, which further recites:

1.2.1 The location of the proposed office of the Foreign Bank Limited Purpose Branch or Agency;

1.2.2 A statement regarding where members of the general public may view, for a period of twenty (20) days, a copy of that portion of the Application which is not deemed to be "confidential".

1.2.3 A statement requesting any objections to the application be filed with the State Bank Commissioner in writing within twenty (20) days of the first publication.

2.0 Hearing

2.1 If after the twenty (20) day comment period, the Commissioner determines a public hearing shall be conducted:

2.1.1 Such determination shall be made within ten (10) days after the conclusion of the 20-day comment period;

2.1.2 The Commissioner shall fix a time, place, and date for the holding of a hearing for the presentation of data, views or arguments pertinent to the application. In no event may the date fixed be less than twenty (20) days after publication of notice of the hearing. The hearing shall be conducted in accordance with Chapter 101 of Title 29 of the Delaware Code.

3.0 Findings and Decision of the Commissioner

3.1 The Commissioner shall issue his Findings and Decision relative to the application within sixty (60) days from the receipt of an Application, or within thirty (30) days of a hearing on such Application, whichever shall later occur.

2 DE Reg. 295 (08/01/98)