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FEDERAL R E SE R V E BANK OF DALLAS
Station K, Dallas, Texas 7 5 2 2 2

Circular No. 84-25
February 14, 1984

TO:

All member banks, bank holding
companies, edge and agreement
corporations,
and
others
concerned
in the
Eleventh
Federal Reserve District

ATTENTION:

Chief Executive Officer

SUBJECT:

Amendments to Regulation K —
International Banking Operations

SUfWARY:

The Board of Governors of the
Federal
Reserve System has
issued final amendments, in slip
sheet
form, to Regulation K.
Notice of the adoption of these
amendments was announced earlier
in Circular No. 84-16 dated
January 30, 1984. The new slip
sheet should be inserted
in
Volume 2 of your Regulations
Binder.

ATTACHMENTS:

Slip sheet

MORE INFORMATION:

Legal Department,
Extension 6228

ADDITIONAL COPIES:

Public Affairs Department,
Extension 6289

Banks and others are encouraged to use the follow ing Incom ing W A TS num bers in conta c ting this Bank:
1 - 8 0 0 - 4 4 2 - 7 1 4 0 (intrastate) and 1 -8 0 0 - 5 2 7 - 9 2 0 0 (interstate). For calls placed locally, please use 651 plus
the extension referred to above. For Telex calls, please use 7 9-1 6 8 8 .

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

Board of Governors of the Federal Reserve System

Amendments to Regulation K
International Banking Operations

January 1984’"

1. Effective December 20, 1983, section
211.5(d) is amended by redesignating para­
graph (14) as paragraph (15) and adding a
new paragraph (14) to read as follows:
(d) * * *
(14) the operation of a travel agency
provided that the travel agency is oper­
ated in connection with financial services
offered abroad by the investor or others;

2. Section 211.22(c)(2) is corrected by chang­
ing the word “required” to “acquired".

3. Effective December 20, 1983, section 211.34
is amended by revising paragraph (a)(2) to
read as follows and by adding a new para­
graph (c):

•

(a) * * *

_________

• A complete Regulation 1C, as amended effective D ecem­
ber 20, 1983, consists of—
• the pamphlet dated August 1983 (see inside cover) and
• this slip sheet.

(i) * * *

(2) Subsequent notice. An eligible inves­
tor shall give the Board 60 days’ prior
written notice of changes in the activities
of an export trading company that is a
subsidiary of the investor if the export
trading company expands its activities
beyond those described in the initial no­
tice to include: (i) taking title to goods
where the export trading company does
not have a firm order for the sale of
those goods; (ii) product research and
design; (iii) product modification; or
(iv) activities not specifically covered by
the list of activities contained in section
4 (c )(1 4 )(F )(ii) of the BHC Act. Such
an expansion of activities shall be re­
garded as a proposed investment under
this subpart.
(b) * * *
(c) Time period fo r investment. An invest­
ment in an export trading company that
has not been disapproved shall be made
within one year from the date of the notice
not to disapprove, unless the time period is
extended by the Board or by the appropri­
ate Federal Reserve Bank.

1