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Florida Administrative Code (Last Updated: June 27, 2024) |
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69. Department of Financial Services |
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69U. FSC - Financial Institution Regulation |
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69U-130. International Trust Company Representative Offices |
1(1) Pursuant to section 663.407(2), F.S., the proposed capitalization of an international trust entity seeking licensure to operate an international trust company representative office must be in such amount as the OFR deems adequate, but may in no case be less than $1,000,000.00 million dollars.
48(2) The OFR may not deem the proposed capitalization of the international trust entity to be adequate unless the international trust entity is considered well-capitalized in accordance with the capital adequacy standards of its home country. An international trust entity seeking licensure to operate an international trust company representative office under this part must certify that it is considered well-capitalized in accordance with the capital adequacy standards of its home country.
119(3) The OFR may require additional capital for an international trust entity seeking licensure to operate an international trust company representative office in the State of Florida if the OFR finds that the condition and operations of the international trust entity or the proposed scope or type of operations of the proposed international trust company representative office require additional capital. The factors to be considered by the OFR include:
188(a) The nature and type of business conducted;
196(b) The nature and degree of liquidity in assets held in a corporate capacity;
210(c) The amount and type of fiduciary assets under management or assets under administration;
224(d) The complexity of fiduciary duties and degree of discretion undertaken;
235(e) The competence and experience of management;
242(f) The extent and adequacy of internal controls;
250(g) The presence or absence of annual unqualified audits by an independent certified public accountant;
265(h) The reasonableness of business plans for retaining or acquiring additional capital; and,
278(i) The existence and adequacy of insurance obtained or held by the international trust entity for the purpose of protecting its clients, beneficiaries, and grantors.
303(4) Certifications of capital shall be filed on Form OFR-U-57T, 313Certificate of Capital, effective 01/2018, herein incorporated by reference and available at 325http://www.flrules.org/Gateway/reference.asp?No=Ref-08794327.
328Rulemaking Authority 330655.012(2), 331663.414, 663.407(4) FS. Law Implemented 663.407, 663.414 FS. History–New 1-1-18.
