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#24264 - 07/17/02 08:35 PM Exempting correspondent bank
Kahola Offline
Platinum Poster
Kahola
Joined: May 2001
Posts: 712
Scottsdale, AZ. 85255
We filed a Desgination of Exempt Person form initially for our correspondent bank and were wondering if we had to also file one biennial?

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Operations Compliance
#24265 - 07/17/02 09:26 PM Re: Exempting correspondent bank
Javier V Offline
Junior Member
Javier V
Joined: May 2002
Posts: 40
No, Phase I Exemptions do not require biennial filings.

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#24266 - 07/18/02 06:31 PM Re: Exempting correspondent bank
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,765
Central City, NE
A Phase I exemption (banks, gov't entities and listed businesses) is good forever (at least, until they change the rules ).

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#24267 - 07/19/02 12:23 PM Re: Exempting correspondent bank
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Just dust the exemption off once a year and make sure the bank's name hasn't changed due to merger or acquisition. Or (dare I say it?) liquidation.
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