---
kind: "range"
citation: "12 C.F.R. §§ 347.117–347.119"
title: "12"
from: "347.117"
to: "347.119"
count: 3
url: "https://uscodex.org/cfr/12/347.117..347.119"
---

# §347.117. General consent.

- (a) **General consent to establish or relocate a foreign branch.** General consent of the FDIC is granted, subject to the written notification requirement contained in [section 303.182(a)](/cfr/12/303.182.md?p=a) and consistent with the requirements of this subpart, for an:
  - (1) Eligible bank to establish a foreign branch conducting activities authorized by [section 347.115](/cfr/12/347.115.md) of this section in any foreign country in which:
    - (i) The bank already operates one or more foreign branches or foreign bank subsidiaries;
    - (ii) The bank's holding company operates a foreign bank subsidiary; or
    - (iii) An affiliated bank or Edge or Agreement corporation operates one or more foreign branches or foreign bank subsidiaries.
  - (2) **Insured state nonmember bank to relocate an existing foreign branch within a foreign country.**
- (b) **General consent to invest in a foreign organization.** General consent of the FDIC is granted, subject to the written notification requirement contained in [section 303.183(a)](/cfr/12/303.183.md?p=a) (unless no notification is required because the investment is acquired for trading purposes) and consistent with the requirements of this subpart, for an eligible bank to make investments in foreign organizations, directly or indirectly, if:
  - (1) The bank operates at least one foreign bank subsidiary or foreign branch, an affiliated bank or Edge or Agreement corporation operates at least one foreign bank subsidiary or foreign branch, or the bank's holding company operates at least one foreign bank subsidiary in the country where the foreign organization will be located;
  - (2) In any instance where the bank and its affiliates will hold 20 percent or more of the foreign organization's voting equity interests or control the foreign organization, at least one state nonmember bank has a foreign bank subsidiary or foreign branch (other than a shell branch) in the country where the foreign organization will be located; 3 and
  - (3) **The investment is within one of the following limits—**
    - (i) The investment is acquired at net asset value from an affiliate;
    - (ii) The investment is a reinvestment of cash dividends received from the same foreign organization during the preceding 12 months; or
    - (iii) The total investment, directly or indirectly, in a single foreign organization in any transaction or series of transactions during a twelve-month period does not exceed 2 percent of the bank's Tier 1 capital, and such investments in all foreign organizations in the aggregate do not exceed:
      - (A) 5 percent of the bank's Tier 1 capital during a 12-month period; and
      - (B) Up to an additional 5 percent of the bank's Tier 1 capital if the investments are acquired for trading purposes.

# §347.118. Expedited processing.

- (a) **Expedited processing of branch applications.** An eligible bank may establish a foreign branch conducting activities authorized by [§ 347.115](/cfr/12/347.115.md) in an additional foreign country, after complying with the expedited processing requirements contained in § [303.182(b)](/cfr/12/303.182.md?p=b) and [(c)(1)](/cfr/12/303.182.md?p=c-1), if any of the following are located in two or more foreign countries:
  - (1) Foreign branches or foreign bank subsidiaries of the eligible bank;
  - (2) Foreign branches or foreign bank subsidiaries of banks and Edge or Agreement corporations affiliated with the eligible bank; and
  - (3) **Foreign bank subsidiaries of the eligible bank's holding company.**
- (b) **Expedited processing of applications for investment in foreign organizations.** An investment that does not qualify for general consent but is otherwise in conformity with the limits and requirements of this subpart may be made 45 days after an eligible bank files a substantially complete application with the FDIC in compliance with the expedited processing requirements contained in § [303.183(b)](/cfr/12/303.183.md?p=b) and [(c)(1)](/cfr/12/303.183.md?p=c-1), or within such earlier time as authorized by the FDIC.

# §347.119. Specific consent.


General consent and expedited processing under this subpart do not apply in the following circumstances:

- (a) **Limitation on access to supervisory information in foreign country.**
  - (1) Applicable law or practice in the foreign country where the foreign organization or foreign branch would be located would limit the FDIC's access to information for supervisory purposes; and
    - (i) A bank would hold 20 percent or more of the voting equity interests of a foreign organization or control such organization as a result of a foreign investment; or
    - (ii) **A bank would be establishing a foreign branch.**
- (b) **Modification or suspension of general consent or expedited processing.** The FDIC at any time notifies the bank that the FDIC is modifying or suspending its general consent or expedited processing procedure.
- (c) **Specific consent.** Direct or indirect investments in or activities of foreign organizations by banks, the establishment of foreign branches or issues regarding the types or amounts of activity that can be engaged in by foreign branches, which are not authorized under §§ [347.117](/cfr/12/347.117.md) or [347.118](/cfr/12/347.118.md) require prior review and specific consent of the FDIC.