Article XII Company
Categories: Banking, International, Forex
Better than an Article XI company, but not quite as good as an Article XIII company.
Actually, "Article XII" comes from a part of the New York State Banking Law (Article 12 to translate it from Latin to English), which deals with international banking. An Article XII company is an investment entity that conducts international banking. Under the provisions of this part of the law, the company is allowed to do certain things in the state, but is not a fully chartered bank.
For instance, Article XII companies can conduct exchanges of foreign currency and make certain other transactions related to international finance. However, it can't take deposits in the state or own any stock.