12 U.S.C. § 604a : US Code - Section 604A: Regulations authorizing exercise by foreign branches of usual powers of local banks; restrictions

Search 12 U.S.C. § 604a : US Code - Section 604A: Regulations authorizing exercise by foreign branches of usual powers of local banks; restrictions

Regulations issued by the Board of Governors of the Federal
Reserve System under this subchapter, in addition to regulating
powers which a foreign branch may exercise under other provisions
of law, may authorize such a foreign branch, subject to such
condition and requirements as such regulations may prescribe, to
exercise such further powers as may be usual in connection with the
transaction of the business of banking in the places where such
foreign branch shall transact business. Such regulations shall not
authorize a foreign branch to engage in the general business of
producing, distributing, buying or selling goods, wares, or
merchandise; nor, except to such limited extent as the Board may
deem to be necessary with respect to securities issued by any
"foreign state" as defined in section 632 of this title, shall such
regulations authorize a foreign branch to engage or participate,
directly or indirectly, in the business of underwriting, selling,
or distributing securities.