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RULE §3.45Records of a Representative Office

(a) A representative office established in this state by a foreign bank shall maintain the following records in English or accompanied by an English translation and make the records available for examination by the department or as otherwise requested by the banking commissioner:

  (1) copies of all reports sent to the foreign bank by the representative office;

  (2) copies of all policies pertaining to the solicitation, origination, and accounting of loans between the representative office and other offices of the foreign bank;

  (3) a description of all activities in which the representative office is engaged and its target market;

  (4) assets, liabilities, and income and expense journals for the representative office;

  (5) the organizational chart of the representative office, including officer titles, functions, and reporting lines;

  (6) marketing, business plans, and budgets for the representative office;

  (7) copies of all lease agreements on rented office space and fixed assets in this state, including details of the sharing arrangement covering the office space if the office space is shared with another unit of the foreign bank;

  (8) a copy of the most recent audited annual report of the foreign bank, in English;

  (9) copies of all insurance policies covering fraud and fixed assets that relate to the representative office;

  (10) a list of other operations and affiliates of the foreign bank in the United States;

  (11) for all extensions of credit solicited or handled by the representative office:

    (A) copies of the credit approval from the domestic agency, branch facility, or foreign bank, which may authorize the representative office to sign and execute the loan contract and related documentation. The approval may be in the form of a facsimile transmission or telex from the applicable foreign bank office;

    (B) complete copies of all loan agreements and all subsequent revisions and amendments; and

    (C) complete copies of credit and collateral documentation, including borrowing base calculations and reports; and

  (12) to the extent not identified in paragraphs (1) - (11) of this subsection, the records required under the Finance Code, §204.002; and

  (13) such other records the banking commissioner may require.

(b) A representative office affiliated with a foreign bank branch or agency in this state may maintain records at the office of the foreign bank branch or agency.

Source Note: The provisions of this §3.45 adopted to be effective September 13, 1996, 21 TexReg 8453; amended to be effective March 9, 2006, 31 TexReg 1643

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