physical presence
(4) Definitions .— For purposes of this subsection— (A) the term “affiliate” means a foreign bank that is controlled by or is under common control with a depository institution, credit union, or foreign bank; and (B) the term “physical presence” means a place of business that— (i) is maintained by a foreign bank; (ii) is located at a fixed address (other than solely an electronic address) in a country in which the foreign bank is authorized to conduct banking activities, at which location the foreign bank— (I) employs 1 or more individuals on a full-time basis; and (II) maintains operating records related to its banking activities; and (iii) is subject to inspection by the banking authority which licensed the foreign bank to conduct banking activities.