(1) Except as provided in subsection (2) of this section:

(a) The laws and regulations of the State of Mississippi governing the acquisition or ownership of controlling or other interests in Mississippi banks or in out-of-state banks seeking to establish and maintain one or more interstate branches in the State of Mississippi shall not generally prohibit ownership of such institutions by, or otherwise discriminate against, foreign banks or other foreign persons, notwithstanding any provision of the laws or regulations of the State of Mississippi to the contrary;

(b) The laws and regulations of the State of Mississippi governing the powers and activities of Mississippi banks and of out-of-state banks maintaining one or more interstate branches in the State of Mississippi shall not discriminate among such banks on the basis of their ownership or control by foreign banks or other foreign persons, notwithstanding any provision of the laws or regulations of the State of Mississippi to the contrary.

(2) Notwithstanding the provisions of subsection (1), the commissioner is authorized to apply any standards or requirements of the laws and regulations of the State of Mississippi governing the ownership, control or operations of Mississippi banks, even if applicable specifically or exclusively to foreign banks or other foreign persons, to the extent such standards or requirements are determined by regulation or order of the commissioner to be either:

(a) Substantially equivalent to or consistent with the standards or requirements governing the ownership, control or operations of Mississippi banks by foreign banks or other foreign persons under applicable U.S. federal laws or regulations, or

(b) otherwise consistent with the laws and policies of the United States, including its international agreements governing financial services.