Florida Statutes 663.05 – Application for license; approval or disapproval
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(1) Every international banking corporation, before being licensed by the office to maintain any office in this state, shall subscribe and acknowledge, and submit to the office, an application which shall contain:
(a) The name of the international banking corporation.
Terms Used In Florida Statutes 663.05
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Foreign country: means a country other than the United States and includes any colony, dependency, or possession of such country notwithstanding any definitions in chapter 658, and any territory of the United States, including Guam, American Samoa, the Virgin Islands, and the Commonwealth of Puerto Rico. See Florida Statutes 663.01
- Fraud: Intentional deception resulting in injury to another.
- International administrative office: means an office of an international banking corporation established in this state for the purpose of engaging in the activities described in…. See Florida Statutes 663.01
- International bank agency: means an office of an international banking corporation established in this state for the purpose of engaging in the activities described in…. See Florida Statutes 663.01
- International banking corporation: means a banking corporation organized and licensed under the laws of a foreign country. See Florida Statutes 663.01
- International branch: means any office of an international banking corporation established in this state under…. See Florida Statutes 663.01
- International representative office: means an office of an international banking corporation organized and licensed under the laws of a foreign country that is established or maintained in this state for the purpose of engaging in the activities described in…. See Florida Statutes 663.01
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
(b) The proposed location by street and post office address and county where its business is to be transacted in this state and the name of the person who shall be in charge of the business and affairs of the office.
(c) The location where its initial registered office will be located in this state.
(d) The total amount of the capital accounts of the international banking corporation.
(e) A complete and detailed statement of its financial condition as of a date within 180 days prior to the date of such application, except that the office in its discretion may, when necessary or expedient, accept such statement of financial condition as of a date within 240 days prior to the date of such application. The office in its discretion may, when necessary or expedient, require an independent opinion audit or the equivalent satisfactory to the office.
(f) A listing of any occasion within the preceding 10-year period in which either the international banking corporation or any of its directors, executive officers, or principal shareholders has been arrested for, charged with, convicted of, or pled guilty or nolo contendere to, regardless of adjudication, any offense with respect to which the penalties include the possibility of imprisonment for 1 year or more, or to any offense involving money laundering, currency transaction reporting, facilitating or furthering terrorism, fraud, or otherwise related to the operation of a financial institution.
(2) The office shall disallow any illegally obtained currency, monetary instruments, funds, or other financial resources from the capitalization requirements of this section, and the existence of such illegally obtained resources shall be grounds for denial of the application for license.
(3) At the time an application is submitted to the office, the international banking corporation shall also submit a certificate issued by the banking or supervisory authority of the country in which the international banking corporation is chartered stating that the international banking corporation is duly organized and licensed and lawfully existing in good standing.
(4) Notwithstanding subsection (1), an international banking corporation that has operated an international branch, international bank agency, international administrative office, or international representative office in this state for a minimum of 3 years in a safe and sound manner, as defined by commission rule, and that is otherwise eligible to establish an additional office may establish one or more additional international branches, international bank agencies, international administrative offices, or international representative offices by providing an abbreviated application and paying the appropriate license fee pursuant to s. 663.12. This subsection does not permit an international banking corporation to file an abbreviated application for any license type whose permissible activities are broader than those in which the international banking corporation is currently authorized to engage.
(5) An application filed pursuant to this section must be made on a form prescribed by the commission and must contain such information as the commission or office requires.
(6) The office may, in its discretion, approve or disapprove the application, but it may not approve the application unless, in its opinion, the applicant meets each and every requirement of this part and any other applicable provision of the financial institutions codes. The office shall approve the application only if it has determined that the directors, executive officers, and principal shareholders of the international banking corporation are qualified by reason of their financial ability, reputation, and integrity and have sufficient banking and other business experience to indicate that they will manage and direct the affairs of the international banking corporation in a safe, sound, and lawful manner. In the processing of an application filed pursuant to this section, the time limitations under the Administrative Procedure Act do not apply as to approval or disapproval of the application. For applications filed on or after January 1, 2018, the time limitations for approval or disapproval of an application must be prescribed by rule of the commission.
(7) The office may not issue a license to an international banking corporation unless:
(a) It is chartered in a jurisdiction in which any financial institution licensed or chartered by any state or any federal bank regulatory agency in the United States may establish similar facilities or exercise similar powers; or
(b) Federal law permits the appropriate federal regulatory authority to issue a comparable license to the international banking corporation.
(8) The office may not issue a license to an international banking corporation for the purpose of operating:
(a) An international bank agency or an international branch in this state unless the corporation:
1. Holds an unrestricted license to receive deposits from the general public, as authorized for that international banking corporation, in the foreign country under the laws of which it is organized and chartered.
2. Has been authorized by the foreign country’s bank regulatory authority to establish the proposed international bank office.
3. Is adequately supervised by the central bank or bank regulatory agency in the foreign country in which it is organized and chartered.
(b) An international representative office or an international administrative office in this state unless the corporation:
1. Has been authorized by the foreign country’s bank regulatory authority to establish the proposed international bank office.
2. Is adequately supervised by the central bank or bank regulatory agency in the foreign country in which it is organized and chartered.
(9) The commission shall establish, by rule, the general principles which shall determine the adequacy of supervision of an international banking corporation’s foreign establishments. These principles shall be based upon the need for cooperative supervisory efforts and consistent regulatory guidelines and shall address, at a minimum, the capital adequacy, asset quality, management, earnings, liquidity, internal controls, audits, and foreign exchange operations and positions of the international banking corporation. This subsection does not require examination by the home-country regulatory authorities of any office of an international banking corporation in this state. The commission may also establish, by rule, other standards for approval of an application for a license as considered necessary to ensure the safe and sound operations of the international banking corporation in this state.