{"abstract":"The Board of Governors of the Federal Reserve System has issued an interpretation concerning the underwriting by foreign banks of securities to be distributed in the United States. The interpretation clarifies that a foreign bank that wishes to engage in such activity must either be a financial holding company or have authority to engage in underwriting activity under section 4(c)(8) of the Bank Holding Company Act.","action":"Interpretation.","agencies":[{"raw_name":"FEDERAL RESERVE SYSTEM","name":"Federal Reserve System","id":188,"url":"https://www.federalregister.gov/agencies/federal-reserve-system","json_url":"https://www.federalregister.gov/api/v1/agencies/188","parent_id":null,"slug":"federal-reserve-system"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2003/02/19/03-3643.html","cfr_references":[{"chapter":null,"citation_url":null,"part":211,"title":12}],"citation":"68 FR 7898","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"February 19, 2003.","disposition_notes":null,"docket_ids":[],"dockets":[],"document_number":"03-3643","effective_on":null,"end_page":7899,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2003/02/19/03-3643.xml","html_url":"https://www.federalregister.gov/documents/2003/02/19/03-3643/regulation-k-docket-no-r-1143-international-banking-operations","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/03-3643?publication_date=2003-02-19","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2003-02-19/03-3643/mods.xml","not_received_for_publication":null,"page_length":2,"page_views":{"count":763,"last_updated":"2026-09-23 00:15:05 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2003-02-19/pdf/03-3643.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":null,"publication_date":"2003-02-19","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2003/02/19/03-3643.txt","regulation_id_number_info":{},"regulation_id_numbers":[],"regulations_dot_gov_info":{"checked_regulationsdotgov_at":"2011-11-12T08:24:36Z"},"regulations_dot_gov_url":null,"significant":null,"signing_date":null,"start_page":7898,"subtype":null,"title":"Regulation K; Docket No. R-1143; International Banking Operations","toc_doc":"Foreign banks underwriting securities to be distributed in U.S.; interpretation","toc_subject":"International banking operations (Regulation K):","topics":["Exports","Foreign banking","Holding companies","Investments","Reporting and recordkeeping requirements"],"type":"Rule","volume":68}