{"data":{"id":"us/12-cfr-224.3","jurisdiction":"us","citation":"12 CFR 224.3","heading":"Margin regulations to be applied by nonexempted borrowers.","body":"(a) Credit transactions outside the United States. No borrower shall obtain purpose credit from outside the United States unless it conforms to the following margin regulations:\n(1) Regulation T (12 CFR part 220) if the credit is obtained from a foreign branch of a broker-dealer;\n(2) Regulation U (12 CFR part 221), as it applies to banks, if the credit is obtained from a foreign branch of a bank, except for the requirement of a purpose statement (12 CFR 221.3(c)(1)(i) and (c)(2)(i)); and\n(3) Regulation U (12 CFR part 221), as it applies to nonbank lenders, if the credit is obtained from any other lender outside the United States, except for the requirement of a purpose statement (12 CFR 221.3(c)(1)(ii) and (c)(2)(ii)).\n(b) Credit transactions within the United States. Any borrower who willfully causes credit to be extended in contravention of Regulations T and U (12 CFR parts 220 and 221), and who, therefore, is not exempted by § 224.1(b)(1), must conform the credit to the margin regulation that applies to the lender.","path":["Title 12—Banks and Banking","CHAPTER II—FEDERAL RESERVE SYSTEM","SUBCHAPTER A—BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM","PART 224—BORROWERS OF SECURITIES CREDIT (REGULATION X)"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-12.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:16Z","sha256":"af99929743204cae2c49d0cfa0cee9a8053c0fdcb0bf17318327d48da9963f49","source_id":"us-cfr","stale":true,"prev":"us/12-cfr-224.2","next":"us/12-cfr-225.1"},"notice":"GroundRules: Original legal text. Not legal advice."}