The securities account control agreement enables the secured party to obtain control over the security entitlement, and therefore the securities account, and so enables its security interest in the securities account to be perfected (UCC § 9-106).
What is a control agreement?
Control Agreement means an agreement, satisfactory in form and substance to Administrative Agent and executed by the financial institution or securities intermediary at which a Deposit Account or a Securities Account, as the case may be, is maintained, pursuant to which such financial institution or securities …
What can happen to a US company when there is foci?
U.S. companies determined to be under FOCI are not eligible for an FCL unless security measures are put in place to mitigate the effect of the foreign ownership, control, or influence. … Finally, if a company is unable or unwilling to mitigate the FOCI, then the existing FCL will be terminated.
What is a Special Security Agreement?
The Special Security Agreement (SSA) is used when a company is owned or controlled by a foreign entity. … Preserve the foreign shareholder’s right to be represented on the Board of Directors with a direct voice in the business management of the company while denying unauthorized access to classified information.
What is the FOCI mitigation proxy agreement?
When a company is owned or controlled by a foreign entity, a Special Security Agreement (SSA) may be used to mitigate the Foreign Ownership, Control, or Influence (FOCI). Though more lengthy and cumbersome to implement than the above FOCI mitigation measures, the Special Security Agreement (SSA) is a popular choice.
What is deposit control agreement?
Deposit Account Control Agreement (DACA) — A tri-party agreement among a customer (debtor), a secured party (lender) and a bank that allows the lender to perfect a security interest in the customer’s funds by taking control of the deposit account (UCC § 9-104).
What is a securities account under the UCC?
Section 8-501 of the UCC defines a securities account as “an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the …
What does foreign control mean?
Foreign control means one or more foreign persons have the authority or ability to establish or direct the general policies or day-to-day operations of the firm.
What is foreign control?
Foreign control means that the controlling institutional unit is resident in a different country from the one where the institutional unit over which it has control is resident. Control means the ability to determine the general policy of an enterprise by choosing appropriate directors as needed.
What does foci mean in medical terms?
noun, plural: foci. (general) A central point. (pathology) The central site in which a disease localizes or develops. Supplement. In biological and pathological contexts, focus refers to the site in the body wherein a disease first develops, or that which localizes.
What is a national interest determination?
A NID, or a National Interest Determination, is a written statement by the Government Contracting Activity (GCA) affirming that the release of proscribed information to the company will not harm the national security interests of the United States. It may be program-, project-, or contract-specific.
How does a proxy board work?
A proxy board is a board composed entirely of American citizens which are responsible for the day-to-day running of the business. … In this way the company’s classified information is “insulated” from foreign exploitation but the parent company still benefits from any profits made by its subsidiary.
What is FOCI mitigation?
This is referred to as FOCI Mitigation, a process whereby unauthorized access to classified information is prevented. FOCI Mitigation uses various security measures, safeguards, and restrictions to prevent unauthorized access.
What are the focal points of an ellipse?
An ellipse is the set of points in a plane for which the sum of the distances from two fixed points is a given constant. The two fixed points are the focal points of the ellipse; the line passing through the focal points is called the axis. The points of intersection of the axes and the ellipse are called the vertices.
What is an sf328?
SF-328, Certificate Pertaining to Foreign Interests.