Foreign Banks/International Banking
2004 Letters
- November 24, 2004
- To Commerzbank AG, clarifying that the fiduciary exemptions in the Board’s Regulations K and Y (12 C.F.R. 211.23(f)(4) and 225.22(d)(3)) would permit subsidiaries of the bank to take title to U.S. real estate in connection with the bank’s service as trustee of foreign-based investment trusts that invest in U.S. real estate.