SUPERVISION OF THE REPRESENTATIVE OFFICES OF FOREIGN BANKS.

SEC. 204. SUPERVISION OF THE REPRESENTATIVE OFFICES OF FOREIGN BANKS. Section 10 of the International Banking Act of 1978 (12 U.S.C. 3107) is amended to read as follows: “SEC. 10. REPRESENTATIVE OFFICES. “(a) Prior Approval To Establish Representative Offices.— “(1) In general.— No foreign bank may establish a representative office without the prior approval of the Board. “(2) Standards for approval.— In acting on any application under this paragraph to establish a representative office, the Board shall take into account the standards contained in section 7(d)(2) and may impose any additional requirements that the Board determines to be necessary to carry out the purposes of this Act. “(b) Termination of Representative Offices.— The Board may order the termination of the activities of a representative office of a foreign bank on the basis of the standards, procedures, and requirements applicable under paragraphs (1), (2), and (3) of section 7(d) with respect to branches and agencies. “(c) Examinations.— The Board may make examinations of each representative office of a foreign bank, the cost of which shall be assessed against and paid by such foreign bank. “(d) Compliance With State Law.— This Act does not authorize the establishment of a representative office in any State in contravention of State law.”.