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§510.309 Foreign financial institution.
The term foreign financial institution means any foreign entity that is engaged in the business of accepting deposits, making, granting, transferring, holding, or brokering loans or credits, or purchasing or selling foreign exchange, securities, commodity futures or options, or procuring purchasers and sellers thereof, as principal or agent. It includes depository institutions, banks, savings banks, money service businesses, trust companies, securities brokers and dealers, commodity futures and options brokers and dealers, forward contract and foreign exchange merchants, securities and commodities exchanges, clearing corporations, investment companies, employee benefit plans, dealers in precious metals, stones, or jewels, and holding companies, affiliates, or subsidiaries of any of the foregoing. The term does not include the international financial institutions identified in 22 U.S.C. 262r(c)(2), the International Fund for Agricultural Development, the North American Development Bank, or any other international financial institution so notified by OFAC.
Compare with analogous, virtually identical definition in the IFSR (561.308). As is the case with the HFSR and IFSR, the secondary sanctions portion of the NKSR is structured such that, with the exception of the specifically carved out international institutions, the scope of foreign financial institution is broader than U.S. financial institution, here with foreign financial institution including "dealers in precious metals, stones, or jewels" and "money service businesses." Neither provision purports to be an exhaustive list ("it includes,") but the omissions made in the U.S. version appear intentional.