PART 224—BORROWERS OF SECURITIES CREDIT (REGULATION X) Authority: 15 U.S.C. 78g. Source: Reg. X, 48 FR 56572, Dec. 22, 1983, unless otherwise noted. Editorial Note: For Federal Register www.govinfo.gov. § 224.1 Authority, purpose, and scope. (a) Authority and purpose. et seq. (b) Scope and exemptions. (1) Any borrower who obtains purpose credit within the United States, unless the borrower willfully causes the credit to be extended in contravention of Regulations T or U. (2) Any borrower whose permanent residence is outside the United States and who does not obtain or have outstanding, during any calendar year, a total of more than $100,000 in purpose credit obtained outside the United States; and (3) Any borrower who is exempt by Order upon terms and conditions set by the Board. [Reg. X, 48 FR 56572, Dec. 22, 1983, as amended by Reg. X, 63 FR 2839, Jan. 16, 1998] § 224.2 Definitions. The terms used in this part have the meanings given to them in sections 3(a) and 7(f) of the Act, and in Regulations T and U. Section 7(f) of the Act contains the following definitions: (a) United States person (b) United States security (c) Foreign person controlled by a United States person [Reg. X, 48 FR 56572, Dec. 22, 1983, as amended by Reg. X, 63 FR 2839, Jan. 16, 1998] § 224.3 Margin regulations to be applied by nonexempted borrowers. (a) Credit transactions outside the United States. (1) Regulation T (12 CFR part 220) if the credit is obtained from a foreign branch of a broker-dealer; (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 (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)). (b) Credit transactions within the United States. [Reg. X, 63 FR 2839, Jan. 16, 1998]