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Attached is the Board's Order relating to this action. Notice of the application, affording interested persons an opportunity to submit comments, was published on March 14,in a newspaper of general circulation in Houston Houston ChronicleMiami Miami Heraldand New York New York Times.
The time for filing comments has expired, and all comments have been considered. Credit Suisse Group, Zurich, Switzerland, a holding company that engages through subsidiaries in financial and nonfinancial activities worldwide, owns No single shareholder owns 5 percent or more of the shares of Credit Suisse Group.
Credit Suisse proposes to establish the offices primarily to act as liaison with private banking clients, solicit private banking business, and provide information and advice on economic conditions and investment opportunities in Switzerland.
The Houston office would report directly to the Miami office; the Miami and New York offices would report directly to Credit Suisse's head office in Switzerland. No funds would be received or disbursed at or through the representative offices.
In acting on an application to establish a representative office, the IBA and Regulation K provide that the Board shall take into account whether the foreign bank engages directly in the business of banking outside of the United States, and has furnished to the Board the information it needs to assess the application adequately.
The Board also shall take into account whether the foreign bank and any foreign bank parent is subject to comprehensive supervision or regulation on a consolidated basis by its home country supervisor 12 U. As noted above, Credit Suisse engages directly in the business of banking outside of the United States.
Credit Suisse also has provided the Board with the information necessary to assess the application through submissions that address the relevant issues. With respect to supervision by home country authorities, the Board previously has determined, in connection with applications involving other banks in Switzerland, that those banks were subject to home country supervision on a consolidated basis.
Based on all the facts of record, the Board has determined that Credit Suisse is subject to comprehensive supervision and regulation on a consolidated basis by its home country supervisor.
In this regard, the SFBC has no objection to the establishment of the proposed representative offices. With respect to the financial and managerial resources of Credit Suisse, taking into consideration Credit Suisse's record of operations in its home country, its overall financial resources, and its standing with its home country supervisors, the Board has also determined that financial and managerial factors are consistent with approval of the proposed representative offices.
Credit Suisse appears to have the experience and capacity to support the proposed representative offices and has established controls and procedures for the proposed representative offices to ensure compliance with U.
With respect to access to information about Credit Suisse's operations, the Board has reviewed the restrictions on disclosure in relevant jurisdictions in which Credit Suisse operates and has communicated with relevant government authorities regarding access to information.
Credit Suisse and Credit Suisse Group have committed to make available to the Board such information on the operations of Credit Suisse and any of its affiliates that the Board deems necessary to determine and enforce compliance with the IBA, the Bank Holding Company Act ofas amended, and other applicable federal law.
To the extent that the provision of such information may be prohibited by law, Credit Suisse and Credit Suisse Group have committed to cooperate with the Board to obtain any necessary consents or waivers that might be required from third parties for disclosure of such information. In addition, subject to certain conditions, the SFBC may share information on Bank's operations with other supervisors, including the Board.
In light of these commitments and other facts of record, and subject to the condition described below, the Board concludes that Credit Suisse has provided adequate assurances of access to any necessary information the Board may request. On the basis of all the facts of record, and subject to the commitments made by Credit Suisse and Credit Suisse Group, as well as the terms and conditions set forth in this order, the Board has determined that Credit Suisse's application to establish the representative offices should be, and hereby is, approved.
Should any restrictions on access to information on the operations or activities of Credit Suisse and its affiliates subsequently interfere with the Board's ability to obtain information to determine and enforce compliance by Credit Suisse or its affiliates with applicable federal statutes, the Board may require termination of any of Credit Suisse's or its affiliates' direct or indirect activities in the United States.
Approval of this application also is specifically conditioned on compliance by Credit Suisse and Credit Suisse Group with the commitments made in connection with this application, and with the conditions in this order.
By order of the Board of Governors, 6 effective November 23, Those offices would be closed on the establishment of the Miami office of Credit Suisse.
These are indicia of comprehensive, consolidated supervision. No single factor is essential, and other elements may inform the Board's determination. The Board's approval of this application does not supplant the authority of those states to license the proposed offices of Credit Suisse in accordance with any terms or conditions that they may impose.
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To fulfill our mandate we need the skills, experience and engagement of our employees. The Chief Compliance and Regulatory Affairs organization at Credit Suisse strives to.
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