ANNEX VII PART A Schedule of the United States
TYPE OF RESERVATION: Article 1407 (National Treatment)
MEASURE: Exemption from limitations for federal- and state-owned companies that own banks
LEGAL CITATION: Bank Holding Company Act of 1956, as amended, 12 U.S.C. 1841(b)
DESCRIPTION: The Bank Holding Company Act does not apply to companies that are majority-owned by the Federal and state governments, whereas companies owned by foreign governments are not excepted.
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ANNEX VII PART A Schedule of the United States
TYPE OF RESERVATION: Article 1407 (National Treatment)
MEASURE: Limitations on the ability of foreign banks to accept certain types of deposits through any form other than an insured banking subsidiary
LEGAL CITATION: International Banking Act of 1978, 12 U.S.C. 3104 (as amended by The Federal Deposit Insurance Corporation Improvement Act of 1991, Pub.L. 102-242, Title II, 214(a)).
DESCRIPTION: After December 19, 1991, in order to accept or maintain deposit accounts having balances of less than $100,000, a foreign bank must establish an insured banking subsidiary. As a result, foreign bank branches are prohibited from taking insured deposits unless engaged in that activity on December 19, 1991.
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ANNEX VII PART A Schedule of the United States
TYPE OF RESERVATION: Article 1407 (National Treatment)
MEASURE: Limitations on membership in the Federal Reserve System
LEGAL CITATION: Federal Reserve Act, 12 U.S.C. 321, 221, 302; International Banking Act of 1978, 12 U.S.C. 3106(d).
DESCRIPTION: Foreign banks with branches and agencies in the United States may not be members of the Federal Reserve System, and may thus not vote for directors of a Federal Reserve Bank.
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ANNEX VII PART A Schedule of the United States
TYPE OF RESERVATION: Articles 1407 and 1408 (National Treatment, Most-Favored-Nation Treatment)
MEASURE: Limitation on designation of foreign firms as primary dealers in U.S. government securities
LEGAL CITATION: The Primary Dealers Act of 1988, 22 U.S.C. 5341-5342.