The amendments to this rule will incorporate by reference an application form for the establishment of an international trust company representative office; will incorporate by reference a biographical information form for proposed directors, ...

 

DEPARTMENT OF FINANCIAL SERVICES

FSC - Financial Institution Regulation

RULE NO.:RULE TITLE:

69U-140.002Applications

PURPOSE AND EFFECT: The amendments to this rule will incorporate by reference an application form for the establishment of an international trust company representative office; will incorporate by reference a biographical information form for proposed directors, executive officers, principal shareholders, and managers; and will update legal citations to rulemaking authority.

SUMMARY: The rule will be amended to incorporate by reference new Form OFR-U-20D, Application for the Establishment of an International Trust Company Representative Office. The rule will also be amended to incorporate by reference the Board of Governors of the Federal Reserve System’s Interagency Biographical and Financial Report FR 2081c (expiration 12/31/2017) for the submission of biographical information for proposed directors, executive officers, principal shareholders, and managers. The proposed rule will also delete a reference to a nonexistent form, update the website address for the Office of Financial Regulation, and update legal citations to rulemaking authority.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION: The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: Pursuant to Section 663.13, F.S., no statement of estimated regulatory costs is required for the proposed rule.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 655.012(2), 663.05, 663.13 FS.

LAW IMPLEMENTED: 663.05, 663.10 FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Leslie Bryson, Assistant General Counsel, Division of Financial Institutions, [phone], [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69U-140.002 Applications.

(1) The application for authority to establish an international branch, or international bank agency, shall be filed on Form OFR-U-20, Application for the Establishment of an International Banking Branch or Agency in the State of Florida, revised 3/2003. The application for authority to establish an International Representative Office or International Administrative Office shall be filed on Form OFR-U-20A, Application for the Establishment of an International Representative Office or International Administrative Office in the State of Florida, effective 8/97, revised 3/2003. The application to convert an international agency office to an international branch office shall be filed on Form OFR-U-20B, Application for Authority to Convert an International Agency to a Branch Office, effective 11/01, revised 3/2003. The application for authority to establish an international trust company representative office shall be filed on Form OFR-U-20D, Application for the Establishment of an International Trust Company Representative Office, new __/2016, herein incorporated by reference and available at https://www.flrules.org/gateway/reference.asp?No=Ref-XXXXX. The application shall be submitted with a nonrefundable filing fee in the amount prescribed by Section 663.12, F.S., which is made payable to the Office of Financial Regulation (OFR).

(2) No change.

(3) An applicant which seeks authority to establish an international branch, international bank agency, international administrative office, or an international representative office may submit the biographical information concerning its directors, executive officers, principal shareholders and proposed Florida management in the same form that such information was submitted to the Board of Governors. of the Federal Reserve System on Interagency Biographical and Financial Report FR 2081c (expiration 12/31/2017), herein incorporated by reference and available at https://www.flrules.org/gateway/reference.asp?No=Ref-XXXXX. The financial information in FR 2081c need not be provided.

(4) Copies of Forms OFR-U-20, DBF-U-21, OFR-U-20A, and OFR-U-20B, which are hereby incorporated herein by reference, may be obtained online at OFR’s web page located at http://www.flofr.com/StaticPages/DivisionOfFinancialInstitutions.htm. www.dbf.state.fl.us/banking.html Forms may also be obtained at no cost by request to the or from the Deputy Director, Office of Financial Regulation, Division of Financial Institutions, 200 East Gaines Street, Tallahassee, Florida 32399-0371.

Rulemaking Specific Authority 655.012(2) (3), 663.05(4), (8), 663.13 FS. Law Implemented 663.05, 663.10 FS. History–New 7-21-81, Amended 12-20-82, 3-8-84, Formerly 3C-15.09, Amended 2-9-87, 10-1-87, 10-10-88, 1-24-89, Formerly 3C-15.009, Amended 3-22-93, 9-5-94, Formerly 3C-140.050, Amended 11-5-97, 3-11-02, Formerly 3C-140.002, Amended __-__-2016.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Marty Stubblefield, Director, Division of Financial Institutions

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Financial Services Commission

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: March 29, 2016

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: January 26, 2016