(a) Without first obtaining
the permission of the Board of Governors of the Federal Reserve System,
no officer or other representative of any Federal Reserve Bank shall
conduct negotiations of any kind with the officers or representatives
of any foreign bank or banker or any group of foreign banks or bankers
or any foreign state, except communications in the ordinary course
of business in connection with transactions pursuant to agreements
previously approved by the Board of Governors of the Federal Reserve
System. Any request for the Board’s permission to conduct any such
negotiations shall be submitted in writing and shall include a full
statement of the occasion and objects of the proposed negotiations.
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(b) The Board of Governors of the Federal Reserve
System reserves the right, in its discretion, to be represented by
such representatives as it may designate in any negotiations between
any officer or other representative of any Federal Reserve Bank and any officers or
representatives of any foreign bank or banker or any group of foreign
banks or bankers or any foreign state; and the Board shall be given
reasonable notice in advance of the time and place of any such negotiations;
and may itself designate the time and place of any such negotiations.
(c) A full report of all such conferences or negotiations
and all understandings or agreements arrived at or transactions agreed
upon and all other material facts appertaining to such conferences
or negotiations shall be filed with the Board of Governors of the
Federal Reserve System in writing by a duty authorized officer of
each Federal Reserve Bank which shall have participated in such conferences
or negotiations, including copies of all correspondence appertaining
thereto.
