Hastings International and Comparative Law Review


Dana W. Fox


A certificate of deposit has features which invite its characterization' as both a commercial banking and an investment banking instrument. This dual characterization raises a question as to whether the federal banking or securities laws properly apply to regulate the issue of such certificates. This Note reviews the implications of extending the coverage of the federal securities laws to the issuance of a certificate of deposit by a foreign bank to a United States citizen. The discussion centers upon Wof v. Banco Nacional de Mexico, A.,4. and incorporates the recent result in that case, analyzing its likely effect upon the future conduct of international banking transactions.