(a) The following categories of assets are eligible for pledge, to the extent they are included on the superintendent's asset pledge list (APL). The APL will be made available to the public by the department and posted on the department's website.

1. (1) Specified assets. Obligations specified in Banking Law section 202-b(1) (the specified assets).

2. (2) Permitted assets. Assets permitted as eligible for pledge (the permitted assets) shall include:

   1. (i) commercial paper, provided such paper is accorded the highest rating of a rating service designated by the superintendent pursuant to section 61.1 of this Title. In the event that an issue of commercial paper is rated by more than one designated rating service, it must have the highest rating of each;
   2. (ii) negotiable certificates of deposit issued by an unaffiliated domestic banking institution or a domestic office of an unaffiliated foreign banking corporation; and
   3. (iii) bankers' acceptances issued by an unaffiliated domestic banking institution or a domestic office of an unaffiliated foreign banking corporation.

3. (3) Additional assets. Additional assets that may be included on the superintendent's APL (the additional assets).

   Under special circumstances, the superintendent may approve otherwise ineligible assets upon written application by the foreign banking corporation.

(b) Unless the superintendent specifically permits otherwise, the following conditions and limitations shall apply to the asset pledge:

1. (1) All assets must be payable in the United States in United States' dollars.
2. (2) Additional assets may not comprise more than 50 percent of the foreign banking corporation's total asset pledge requirement.
3. (3) For all foreign banking corporations, additional assets may include assets that have been accorded an investment grade rating of a rating service designated by the superintendent pursuant to section 61.1 of this Title. In the event that an asset is rated by more than one designated rating service, it must have received at least an investment grade rating from each.
4. (4) No foreign banking corporation may pledge any obligations issued or guaranteed by an entity located or domiciled in, or any governmental entity of, the home country of such foreign banking corporation (same-country obligor).
5. (5) With respect to any asset, the superintendent may determine that, for purposes of this Part, such asset shall be valued at other than face value, or shall be held in such form or subject to such conditions as the superintendent may prescribe. The superintendent may expressly disallow one or more otherwise eligible assets, either for all institutions or for specific institutions. All assets shall be subject to any additional conditions or limitations as determined by the superintendent with respect to such assets.