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Current through October 23, 2012
(a) An international banking corporation that maintains one or more international banking corporation offices or an international financing corporation under this chapter shall, at the times and in the form prescribed by the Commissioner, file written reports in the English language for such offices or corporation with the Commissioner under the oath of one of its officers, managers, or agents transacting business in the District of Columbia, showing the amount of its assets and liabilities and containing any other matters required by the Commissioner.
(b) An international banking corporation that maintains 2 or more international banking corporation offices may consolidate the information in one report unless the Commissioner requires otherwise for purposes of the Commissioner's supervision of the condition and operations of each office. The late filing of the reports shall be subject to the imposition of an administrative penalty prescribed by regulation. If an international banking corporation shall fail to file a report as directed by the Commissioner, or if a report shall contain any false statement knowingly made, it shall be grounds for revocation of the license of the international banking corporation.
(c) The Commissioner shall, by regulation, prescribe the circumstances under which the Commissioner may require an international banking corporation to use internal or external auditors to address significant supervisory concerns with respect to the operations of an international branch or agency licensed in the District of Columbia.
(d) An international banking corporation which operates an agency or branch licensed under this chapter shall maintain, at a location accepted by the Commissioner:
(1) Correct and complete books and records of account of the business operations transacted by the office, including accounts and records (A) reflecting all transactions effected by, or on behalf of, the branch or agency, (B) reflecting all actions taken in the District of Columbia by employees of the office located in the District of Columbia to effect transactions on behalf of an office of the international banking corporation located outside the District of Columbia, and (C) relating to any other matters concerning the branch or agency that the Commissioner may require. All policies and procedures governing the operations of the office and any existing general ledger or subsidiary accounts shall be maintained in the English language. The Commissioner may require that any other document not written in the English language which the Commissioner considers necessary for the purposes of its regulatory and supervisory functions be translated into English at the expense of the international banking corporation. The books, accounts, and records shall be preserved for at least 3 years; provided, that preservation by photographic reproduction or records in photographic form shall constitute compliance with the requirements of this section; and
(2) Current copies of the charter and bylaws of the international banking corporation relating to the operations of the office, minutes of the proceedings of its directors, officers, or committees relating to the business of the office, and minutes of the proceedings of its directors, officers, or committees relating to the business of the office. The records shall be kept as required by paragraph (1) of this subsection and shall be made available to the Commissioner, upon request, at any time during regular business hours of the office. The failure to keep records as required or a refusal to produce the records upon request by the Commissioner shall be grounds for suspension or revocation of a license issued under this chapter.
(e) In addition to any other reports it may be required to file, an international banking corporation which maintains an international agency or international branch in the District of Columbia shall file reports with the Commissioner in form and at such times as the Commissioner prescribes, by regulation, concerning the management, asset quality, capital adequacy, and liquidity of the international banking corporation.
(f) An international banking corporation that maintains a representative office in the District of Columbia licensed under this chapter shall make, maintain, and preserve at the office or at such other place as determined by the Commissioner, such books, accounts, and other records relating to the activities conducted at the office as the Commissioner may require. An international banking corporation which is licensed to establish and maintain a representative office shall file the reports accompanied by a reasonable fee, as required and determined by the Commissioner.
(g) The Commissioner may require such regular or special reports as the Commissioner considers necessary for the proper supervision of licensees. The additional reports shall be in the form prescribed by the Commissioner and shall be subscribed and affirmed as true under penalty of perjury.
(h) If an international banking corporation shall fail to make a report as directed by the Commissioner, it shall be subject to the penalties prescribed by regulation. A false statement contained in a report, in any other sworn statement made to the Commissioner by such report, or in any other sworn statement made to the Commissioner by the international banking corporation under the provisions of this chapter shall constitute perjury.
(Apr. 3, 2001, D.C. Law 13-268, § 11, 48 DCR 1251.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For Law 13-268, see notes following § 26-631.
