TAILIEUCHUNG - Subsidiaries or Branches: Does One Size Fit All?

Regulations of both home and host countries influence the choice of legal form of business model. Italian and Canadian banks, for example, are required to seek prior approval by their home regulator in order to open an overseas branch, and the Bank of Spain can refuse a bank’s application to open a branch on a wider set of criteria than in the case of subsidiaries (for EU-domiciled banks, these additional constraints do not apply for affiliate operations in EU member states given the EU single passport regime). In New Zealand, foreign banks are required to operate through subsidiaries to provide. | F S T A F F D I S C U S S I O N N O T E March 7 2011 SDN 11 04 Subsidiaries or Branches Does One Size Fit All Jonathan Fiechter inci Otker-Robe Anna Ilyina Michael Hsu André Santos and Jay Surti I N T ER N A T I O N A L M O N E T A R Y F U N D INTERNATIONAL MONETARY FUND Monetary and Capital Markets Department Subsidiaries or Branches Does One Size Fit All Prepared by Jonathan Fiechter inci Otker-Robe Anna Ilyina Michael Hsu André Santos and Jay Surti1 Authorized for distribution by José Vinals March 7 2011 DISCLAIMER This Staff Discussion Note represents the views of the authors and does not necessarily represent IMF views or IMF policy. The views expressed herein should be attributed to the authors and not to the IMF its Executive Board or its management. Staff Discussion Notes are published to elicit comments and to further debate. The views expressed herein also should not be attributed to the Federal Reserve Board. JEL Classification Numbers G01 G20 G21 G28 G32 Keywords Cross-border banking Financial stability Financial regulation Stand-alone subsidiarization Ringfencing Subsidiary model Branch model Resolution Banking structure Too big to fail Author s E-mail Address iotker@ ailyina@ jsurti@ 1 Michael Hsu was a financial sector expert at the International Monetary Fund when the first version of this paper was written. The authors are grateful to José Vinals Christopher Towe Rina Bhattacharya Julian Chow Luis Cortavarria Michaela Erbenova Alessandro Giustiniani Daniel Hardy David Hoelscher Elias Kazarian Michael Moore and other IMF colleagues for helpful comments and input. The paper also benefited from comments and suggestions by a number of home and host supervisory authorities and key private sector representatives of the financial industry. The views expressed in this paper are those of the authors. 2 Contents Page Executive I. II. Choice between Branches and Subsidiaries and Implications for Financial .

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