Section 663.16 - Definitions; ss. 663.17-663.181As used in ss. 663.17 - 663.181, the term:
(1) "Business and property in this state" includes, but is not limited to, all property of the international banking corporation, real, personal, or mixed, whether tangible or intangible: (a) Wherever situated, constituting a part of the business of the Florida licensed office and appearing on its books as such.(b) Situated within this state whether or not constituting part of the business of the Florida licensed office or so appearing on its books.(2) "Claims" means debts, obligations, deposits, and other similar items that the office takes possession of pursuant to s. 663.17(1).(3) "Creditors" and "depositors" means the owners of claims.(4) Except where the context otherwise requires, "international banking corporation" or "corporation" has the same meaning as that provided in s. 663.01 and includes any licensed office of an international banking corporation operating in this state.(5) "Officer" means the agent or other person in charge of an international banking corporation licensed office.(6) "Affiliate" means any person or group of persons acting in concert that controls, is controlled by, or is under common control of an international banking corporation.(7) "Control" means any person or group of persons acting in concert, directly or indirectly, owning, controlling, or holding the power to vote 25 percent or more of the voting stock of a company, or having the ability in any manner to elect a majority of directors of a corporation, or otherwise exercising a controlling influence over the management and policies of a corporation as determined by the office.(8) "Qualified financial contract" means any securities contract, commodity contract, forward contract, including spot and forward foreign exchange, repurchase agreement, swap agreement, or any similar agreement, any option to enter into any such agreement, including any combination of the foregoing, and any master agreement for such agreements. Such master agreement, together with all supplements thereto, shall be treated as one qualified financial contract, provided that such contract, option, or agreement, or combination of contracts, options, or agreements is reflected in the books, accounts, or records of the international banking corporation or a party provides evidence of such agreement. The commission may define, by rule, securities contract, commodity contract, forward contract, repurchase agreement, or swap agreement, and the commission, by rule, or the office, by order, may determine any other agreement to be a qualified financial contract for the purpose of this subsection. The commission may prescribe such rules relating to qualified financial contracts and netting thereof as the commission deems appropriate.(9) "Global net payment obligation" means the amount, if any, owed by an international banking corporation as a whole to a party, after giving effect to the netting provisions of a qualified financial contract, with respect to all transactions subject to netting under such qualified financial contract.(10) "Global net payment entitlement" means the amount, if any, owed by a party or that would be owed if the relevant agreements provided for payments to either party upon termination thereof under any and all circumstances, to an international banking corporation as a whole, after giving effect to the netting provisions, with respect to all transactions subject to netting under such qualified financial contract.(11) "Licensed office net obligations" means, with respect to a qualified financial contract, the amount, if any, that would have been owed by the international banking corporation to a party after netting only those transactions entered into by the licensed office and such party under such qualified financial contract.(12) "Licensed office net payments entitlement" means, with respect to a qualified financial contract, the amount, if any, that would have been owed by a party to the international banking corporation after netting only those transactions entered into by the licensed office and such party under such qualified financial contract. s.4, ch. 97-109; s.64, ch. 99-3; s.1832, ch. 2003-261; s.21, ch. 2004-340; s.104, ch. 2004-390; s.15, ch. 2010-9; s.51, ch. 2017-83.Amended by 2017 Fla. Laws, ch. 83, s 51, eff. 1/1/2018.