SECTION 3.61. Record of Assets and Liabilities

(a) Maintenance of record of liabilities. A foreign bank must maintain a record of the liabilities of the foreign bank appearing on the books, accounts and records of its Texas state branch or agency as liabilities of such branch or agency as determined in accordance with §3.55 of this title (relating to Calculation of Liabilities) and §3.56 of this title (relating to Asset Pledge Report and Additional Deposits). The record must be maintained in permanent ledger form. A foreign bank authorized to maintain more than one branch or agency in this State must maintain the record on a consolidated basis. No specific format for the record is prescribed. It must, however, contain such information in sufficient detail as will permit ready verification of its accuracy.

(b) Maintenance of record of assets. In addition to the record of liabilities required to be maintained by subsection (a) of this section, a foreign bank must maintain an itemized record of assets deposited for the account of the banking commissioner under §3.53 of this title (relating to Asset Deposit and Pledge Requirement Applicable to Branch or Agency with Nonrelated Deposit Liabilities). The record must describe each deposited asset and include the value of such asset, at principal or market value, whichever is lower.

(c) General requirements applicable to records. The records required to be maintained under subsections (a) and (b) must:

(1) support the calculations and asset lists and valuations contained in the quarterly asset pledge report required under §3.56 of this title (relating to Asset Pledge Report and Additional Deposits);

(2) be authenticated by the signature of a duly authorized officer of the foreign bank; and

(3) be retained for three years from the date the records are received or generated.

(d) Additional records and reports. The banking commissioner may require a foreign bank subject to this subchapter to maintain records and submit reports in addition to those required by this section and §3.60 of this title (relating to Record of Deposited and Withdrawn Assets) as deemed necessary or desirable.

Source Note: The provisions of this §3.61 adopted to be effective November 12, 2003, 28 TexReg 9823