Florida Regulations 69U-140.019: Financial Reports
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(1) All state licensed international bank agencies shall submit to OFR a statement of financial condition as of the close of the last business day of each calendar quarter. The report shall be submitted on Form OFR-U-55, Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks, revised 3/2003.
(2) For the June and December quarters, each state licensed international bank agency shall submit, to OFR, a statement of earnings. The statement of earnings shall be submitted on Form OFR-U-56, Consolidated Report of Income, revised 3/2003.
(3) Each state licensed international bank agency shall submit either an asset maintenance report on Form OFR-U-50, Quarterly Report of Monthly Asset Maintenance, revised 3/2003, or a capital equivalency report on Form OFR-U-52, Quarterly Report of Monthly Capital Equivalency Deposits or Investment Securities, revised 3/2003, as of the close of each calendar quarter.
(a) The asset maintenance ratios reported on Form OFR-U-50 shall be the average monthly eligible assets, of not less than $4 million, divided by the average monthly liabilities requiring cover. These monthly averages shall be obtained from Form OFR-U-51, Monthly Asset Maintenance Report, revised 3/2003, which shall be prepared and kept by the agency and be available for examination by OFR.
(b) The capital equivalency ratios reported on Form OFR-U-52 shall be the average monthly deposits or investment securities, of not less than $4 million, divided by the average monthly liabilities requiring cover. These monthly averages shall be obtained from Form OFR-U-53, Capital Equivalency Monthly Report, revised 3/2003, which shall be prepared and kept by the agency and be available for examination by OFR.
(4) All reports shall be postmarked by the last day of the month following the close of the appropriate calendar quarter. If the last day of a month following the close of the appropriate calendar quarter is on a weekend or holiday, such reports are timely filed if they are postmarked the next business day.
(5) All reports required to be submitted by this rule shall be submitted to OFR under oath, pursuant to the requirements set forth in Florida Statutes § 663.09(1), and shall be signed and notarized as necessary.
(6) To satisfy the requirement of subsection (1), above, an appropriate officer of a state licensed international agency may timely file a certification, Form OFR-140-A, effective 1-31-96, with OFR stating that an electronic or paper copy of such report has been timely filed with the Board of Governors of the Federal Reserve System.
(7) OFR shall levy an administrative fine of up to $100 per day for each day the reports required to be submitted by this rule are past due, unless a delay in submission is excused for good cause such as incidental and isolated clerical errors or omissions. For intentional late filing of a financial report, OFR shall levy a late payment penalty of $1,000.00 per day for each day that a financial report is past due. All late payment penalties shall be postmarked within 30 days after receipt of a notice from OFR.
(8) Copies of the above-referenced forms, which are hereby incorporated by reference, may be obtained without cost by contacting OFR.
Rulemaking Authority 655.012(2), 663.13 FS. Law Implemented 663.07, 663.09 FS. History-New 2-22-79, Amended 2-24-80, 7-21-81, 4-29-84, 8-15-85, Formerly 3C-15.06, Amended 8-19-86, 3-22-92, Formerly 3C-15.006, Amended 4-18-93, 1-31-96, Formerly 3C-140.009, 3C-140.019, Amended 1-1-18.
Terms Used In Florida Regulations 69U-140.019
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Oath: A promise to tell the truth.
(3) Each state licensed international bank agency shall submit either an asset maintenance report on Form OFR-U-50, Quarterly Report of Monthly Asset Maintenance, revised 3/2003, or a capital equivalency report on Form OFR-U-52, Quarterly Report of Monthly Capital Equivalency Deposits or Investment Securities, revised 3/2003, as of the close of each calendar quarter.
(a) The asset maintenance ratios reported on Form OFR-U-50 shall be the average monthly eligible assets, of not less than $4 million, divided by the average monthly liabilities requiring cover. These monthly averages shall be obtained from Form OFR-U-51, Monthly Asset Maintenance Report, revised 3/2003, which shall be prepared and kept by the agency and be available for examination by OFR.
(b) The capital equivalency ratios reported on Form OFR-U-52 shall be the average monthly deposits or investment securities, of not less than $4 million, divided by the average monthly liabilities requiring cover. These monthly averages shall be obtained from Form OFR-U-53, Capital Equivalency Monthly Report, revised 3/2003, which shall be prepared and kept by the agency and be available for examination by OFR.
(4) All reports shall be postmarked by the last day of the month following the close of the appropriate calendar quarter. If the last day of a month following the close of the appropriate calendar quarter is on a weekend or holiday, such reports are timely filed if they are postmarked the next business day.
(5) All reports required to be submitted by this rule shall be submitted to OFR under oath, pursuant to the requirements set forth in Florida Statutes § 663.09(1), and shall be signed and notarized as necessary.
(6) To satisfy the requirement of subsection (1), above, an appropriate officer of a state licensed international agency may timely file a certification, Form OFR-140-A, effective 1-31-96, with OFR stating that an electronic or paper copy of such report has been timely filed with the Board of Governors of the Federal Reserve System.
(7) OFR shall levy an administrative fine of up to $100 per day for each day the reports required to be submitted by this rule are past due, unless a delay in submission is excused for good cause such as incidental and isolated clerical errors or omissions. For intentional late filing of a financial report, OFR shall levy a late payment penalty of $1,000.00 per day for each day that a financial report is past due. All late payment penalties shall be postmarked within 30 days after receipt of a notice from OFR.
(8) Copies of the above-referenced forms, which are hereby incorporated by reference, may be obtained without cost by contacting OFR.
Rulemaking Authority 655.012(2), 663.13 FS. Law Implemented 663.07, 663.09 FS. History-New 2-22-79, Amended 2-24-80, 7-21-81, 4-29-84, 8-15-85, Formerly 3C-15.06, Amended 8-19-86, 3-22-92, Formerly 3C-15.006, Amended 4-18-93, 1-31-96, Formerly 3C-140.009, 3C-140.019, Amended 1-1-18.