(a) Treatment of foreign bank multi-branch master agreements. With
respect to a U.S. branch or U.S. agency of a global systemically important
foreign banking organization, a foreign bank multi-branch master agreement
that is a covered QFC solely because the master agreement permits
agreements or transactions that are QFCs to be entered into at one
or more U.S. branches or U.S. agencies of the global systemically
important foreign banking organization will be considered a covered
QFC for purposes of this subpart only with respect to such agreements
or transactions booked at such U.S. branches and U.S. agencies.
(b) Definition of foreign
bank multi-branch master agreements. A foreign bank multi-branch
master agreement means a master agreement that permits a U.S. branch
or U.S. agency and another place of business of a foreign bank that
is outside the United States to enter transactions under the agreement.
