N.Y. Comp. Codes R. & Regs. tit. 3 § 117.1

Current through Register Vol. 46, No. 43, October 23, 2024

Section 117.1 - General requirements

(a) Applicability. The instructions set forth in this Supervisory Procedure shall apply:

(1) to the exercise of voting control of any banking institution pursuant to section 143-b of the Banking Law, as such section existed prior to June 30, 1980 if the purchase or other acquisition of such control was consummated prior to June 30, 1980 and was not previously approved by the Superintendent of Banks or the Banking Board; and

(2) to the direct or indirect acquisition of control of any banking institution made on or after June 30, 1980 pursuant to section 143-b of the Banking Law, as such section existed on and after June 30, 1980.

(b) Form of application. Six copies of a letter application containing the information, and accompanied by all of the documents, required by this Supervisory Procedure and payment of the fee specified in section 1.2 of Supervisory Policy G 1 of this Title shall be submitted to the superintendent, at the address set forth in section 1.1 of Supervisory Policy G 1 of this Title.

(c) Request for waivers; commencement of statutory period. All of the information and documents required to be submitted by an applicant pursuant to this Supervisory Procedure shall be supplied to the superintendent, or waivers shall have been granted in accordance with the following procedure, before an application shall be considered complete and shall be accepted by the superintendent. Requests for waivers of provisions of this Supervisory Procedure shall be in writing, shall be addressed to the superintendent and shall state, in reasonable detail, the basis of the request for the waiver. No provision of this Supervisory Procedure shall be deemed waived unless written notice of waiver from the superintendent shall have been issued.

The statutory period for approval or disapproval set forth in section 143-b (1) of the Banking Law, shall commence on the date that the Banking Department has received both the applicable filing fee and an application determined by the Banking Department to be complete and prepared in accordance with this Supervisory Procedure.

(d) Item numbers and captions. The information required by this Supervisory Procedure shall be set forth in the order and under item numbers and captions which correspond to the order, item numbers and captions used in the applicable sections of this Supervisory Procedure. If the information requested in any item is inapplicable, a statement to that effect shall be made.

(e) Incorporation of previously filed reports. If the information required by any item has been given in a sworn application or report filed with the Banking Department pursuant to any law or regulation of the department and no additional information is needed to make the information previously filed accurate, complete and up-to-date, the required information may be incorporated by a specific reference to the date and page or pages of the previous filing which contains such information.

(f) Translation of foreign material. All parts of the application, including documents submitted with the application, must be in the English language or complete and accurate translations must be provided.

(g) Conversion of foreign currency. Financial statements of foreign applicants must be presented both in the applicable foreign currency and in United States dollars, and the date and basis of conversion must be stated.

(h) Federal filings. All applicants must submit with their application six copies of any related filings made with any Federal regulatory agency and must continue to supply to the department six copies of each further submission to any of such agencies. Where appropriate, applicants may respond to any item of this Supervisory Procedure by making a reference to any of such filings, provided that a cross-reference sheet is supplied.

(i) Content of application. Except as otherwise provided in a specific written waiver issued by the superintendent:

(1) an application submitted by an individual shall include the information required by sections 117.3 and 117.5 of this Supervisory Procedure;

(2) an application submitted by a one-bank holding company, as defined in section 117.2, shall include only the information required by section 117.3 of this Supervisory Procedure; and

(3) an application submitted by any other person shall include the information required by sections 117.3 and 117.4 of this Supervisory Procedure. All items of an application submitted by a corporation, partnership or other entity must be answered as to both the applicant and any person which controls the applicant. If such control person is an individual, such individual shall include the information required by sections 117.3 and 117.5 of this Supervisory Procedure.

(j) Execution. Each copy of the application shall be signed by the applicant. If the applicant is a partnership, corporation or other entity, the application shall be signed by a partner or duly authorized executive officer thereof. Each person signing the application shall:

(1) state whether control has been acquired by or tendered to the applicant as of the time of the application is formally submitted for filing;

(2) certify that he will promptly advise the Superintendent of Banks of any changes which may occur in the information furnished in the application subsequent to the date upon which the information was furnished; and

(3) subscribe the application and affirm, under penalties of perjury, that he has reviewed the application and that the application does not make any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.

(k) Additional information and in-person conferences. The superintendent reserves the right to require additional information in connection with the application. The superintendent may also require that the applicant and any officers, directors and/or representatives of the applicant appear at the Banking Department for in-person conferences. The applicant may submit any additional information it deems pertinent to the application.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 117.1

Adopted, New York State Register October 1, 2014/Volume XXXVI, Issue 39, eff. 10/1/2014