To establish a new rule chapter in the Florida Administrative Code to implement Chapter 662, F.S., Family Trust Companies. The purpose and effect of the rules is to provide the forms and requirements for the licensing, registration, renewal, and ...

 

DEPARTMENT OF FINANCIAL SERVICES

FSC - Financial Institution Regulation

RULE NOS.:RULE TITLES:

69U-162.001Scope

69U-162.002Definitions

69U-162.003Application for License as a Licensed Family Trust Company

69U-162.004Application to Register as a Family Trust Company

69U-162.005Application to Register as a Foreign Licensed Family Trust Company

69U-162.006Annual Renewal

69U-162.007Records

69U-162.008Examination

69U-162.009Application Process and Forms

69U-162.010Notification of Proposed Appointment

69U-162.011Discontinuing Business

69U-162.012Quarterly Reporting of Capital Account, Fidelity Bond, and Insurance

PURPOSE AND EFFECT: To establish a new rule chapter in the Florida Administrative Code to implement Chapter 662, F.S., Family Trust Companies. The purpose and effect of the rules is to provide the forms and requirements for the licensing, registration, renewal, and regulation of family trust companies, licensed family trust companies, and foreign licensed family trust companies.

SUMMARY: Proposed Rules 69U-162.003, 69U-162.004, and 69U-162.005, F.A.C. set forth the varying licensing or registration requirements and application forms for each company type, which are more comprehensive for licensed family trust companies than for family trust companies or foreign licensed family trust companies. Proposed Rule 69U-162.009, F.A.C. sets forth the general application process and incorporates by reference all forms prescribed by the proposed rules. For licensed family trust companies, proposed Rule 69U-162.003, F.A.C. requires that directors, officers, managers, and members acting in a managerial capacity or equivalent position provide criminal justice, employment, financial, disciplinary, and licensing background information by completing proposed new Form OFR-162-Bio, “Biographical Report.” Proposed Rule 69U-162.006, F.A.C. provides the requirements and prescribes the application forms for annual renewal of a license (for licensed family trust companies) or registration (for family trust companies and foreign licensed family trust companies). Proposed Rule 69U-162.010, F.A.C. prescribes the notification process and form for a licensed family trust company proposing to appoint, add, or employ a new director, officer, manager, or member acting in a managerial capacity or equivalent position. Proposed Rule 69U-162.012, F.A.C. prescribes the requirements and form for the quarterly reporting of capital account information by licensed family trust companies and family trust companies. The proposed rules also identify the types of records the companies must maintain, provide that examinations will be performed in accordance with the statute, and establish the process and requirements for a licensed family trust company to discontinue its business operations.

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: Based upon an analysis of potential economic impact conducted by persons with subject matter knowledge of these rules, and based upon the financial services-related nature of the business of the affected companies, the affected companies will likely have already collected or prepared the financial, fiduciary services, and family member information required by the rules and forms or such information will be readily ascertainable to the affected companies. Additionally, the rules and forms do not impose any fees and do not require the use or purchase of any particular software, equipment, or professional legal or accounting services.

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: 662.140 FS.

LAW IMPLEMENTED: 119.071(5), 120.60(1), 120.80(3)(a), 662.102, 662.111, 662.112, 662.120, 662.121, 662.1215, 662.122, 662.1225, 662.123, 662.124, 662.125, 662.126, 662.127, 662.128, 662.129, 662.130, 662.131, 662.132, 662.134, 662.141, and 662.147 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-162.001 Scope.

These rules implement and pertain to Chapter 662, F.S, regarding family trust companies, licensed family trust companies, and foreign licensed family trust companies.

Rulemaking Authority 662.140 FS. Law Implemented 662.102, 662.140 FS. History–New______.

 

69U-162.002 Definitions.

As used in this rule chapter or in the forms prescribed by this rule chapter, the words defined in Section 662.111, F.S., shall have the same meaning, and the following terms and phrases (whether or not capitalized) shall have the meanings stated below unless the context clearly indicates otherwise:

(1) “Affiliate” means any company that owns or controls, is owned or controlled by, or is under common ownership or control by any company that owns or controls, a  family trust company, licensed family trust company, or foreign licensed family trust company.

(2) “Applicant” means the corporation or limited liability company on whose behalf an application for a license to operate as a licensed family trust company is submitted under Section 662.121, F.S.; the corporation or limited liability company on whose behalf an application to register as a family trust company is submitted under Section 662.122, F.S.; or the corporation or limited liability company on whose behalf an application to register as foreign licensed family trust company is submitted under Section 662.122, F.S.

(3) “Biographical information” means date of birth, place of birth, social security number, driver’s license or other identification card issued by a federal or state governmental authority, current residence address, prior residence addresses, educational background, criminal justice information; employment history (whether paid or unpaid), occupational or professional licensure information, personal financial information, and all other information required by Form OFR-162-Bio “Biographical Report,” effective –––-, incorporated by reference in Rule 69U-162.009(6)(a)2., F.A.C.

(4) “Cash” means legal tender, coin, demand deposit accounts, and time-deposit accounts, as valued in United States dollars.

(5) “Company” means any corporation, association, partnership, limited liability company, business trust, sole proprietorship, joint venture, or charitable organization or foundation, or other similar organization or business entity.

(6) “Financial institution” shall have the same meaning as provided in Section 655.005(1)(i), F.S.

(7) “Holding company” means any company which owns or controls a family trust company, licensed family trust company, or foreign licensed family trust company.

(8) “Member acting in a managerial capacity” means a member, regardless of whether the member has a title or receives a salary or other compensation, who participates in, or who has authority or discretion to participate in, the guidance, oversight, policy-making, decision-making, or strategic direction of the family trust company, licensed family trust company, or foreign licensed family trust company.

(9) “Owns” or “controls” means owns, controls, or has power to vote 25 percent or more of any class of voting securities or membership interests of a company or family trust company, licensed family trust company, or foreign licensed family trust company; or controls in any manner the election of a majority of the directors, or managers or other similar governing body of a company or family trust company, licensed family trust company, or foreign licensed family trust company; owns, controls, or has power to vote 10 percent or more of any class of voting securities or membership interests of a company or family trust company, licensed family trust company, or foreign licensed family trust company and exercises a controlling influence over the management or policies of the company or family trust company, licensed family trust company, or foreign licensed family trust company; or as determined by the Office.

(10) “Resident” means a person who has had his or her principal place of domicile in this state for a period of more than 6 consecutive months prior to the filing of an application under Chapter 662, F.S., and who has a valid Florida driver’s license or valid Florida identification card, has registered to vote, has made a statement of domicile pursuant to Section 222.17, F.S., or has filed for homestead tax exemption on property in this state.

(11) “Third-party service provider” means any person or company that has entered into a business relationship with a family trust company, licensed family trust company, or foreign licensed family trust company, for the provision of services, or any person or company that has entered into a business relationship with an affiliate of a family trust company, licensed family trust company, or foreign licensed family trust company, for the provision of services.

Rulemaking Authority 662.140 FS. Law Implemented 662.111(3),(8), 662.121(5),(6),(10)(b),(11), 662.1215(2)(a), 662.1225(1)(d), (2)(d) 662.124, 662.125(2), 662.131(1), 662.132(8)(f), 662.141 FS. History–New_____.

 

69U-162.003 Application for License as a Licensed Family Trust Company.

(1) An applicant seeking to operate in this state as a licensed family trust company under s. 662.121, F.S., must file a completed application on Form OFR-162-01, “Application for License as a Licensed Family Trust Company,” effective ––––––––––, herein incorporated by reference and available at https://www.flrules.org/gateway/reference.asp?No=Ref-XXXXX, accompanied by a nonrefundable $10,000 application fee for deposit into the Financial Institutions’ Regulatory Trust Fund.

(2) The application must contain all information requested by the form, along with the following exhibits to the form:

(a) Exhibit A Proposed Articles of Incorporation or Organization;

(b) Exhibit B Proposed Bylaws or Operating Agreement;

(c) Exhibit C Organization Chart;

(d) Exhibit D Capital Account;

(e) Exhibit E Form OFR-162-Bio, “Biographical Report,” incorporated by reference in Rule 69U-162.009(6)(a)2., F.A.C., for each director, officer, manager, member acting in a managerial capacity or equivalent position;

(f) Exhibit F Form OFR-162-Bio, “Biographical Report,” incorporated by reference in Rule 69U-162.009(6)(a)2., F.A.C., for each controlling stockholder or member;

(g) Exhibit G Detailed Description of Services to be Provided;

(h) Exhibit H Family Members;

(i) Exhibit I Genealogical Chart;

(j) Exhibit J Current or Former Employees to Whom Services Will be Provided;

(k) Exhibit K Fidelity Bonds;

(l) Exhibit L Errors and Omissions Insurance;

(m) Exhibit M Affiliates;

(n) Exhibit N Third-Party Service Providers;

(o) Exhibit O Depository Account Relations;

(p) Exhibit P Statement Regarding Maintenance of Corporate and Fiduciary Records; and

(q) Exhibit Q List of All Stockholders or Members.

(3) The statement provided in application Exhibit P, Statement Regarding Maintenance of Corporate and Fiduciary Records, must describe in detail how the proposed licensed family trust company will maintain accurate corporate and fiduciary services records. The statement must identify by name any automated accounting system software or third-party accounting service provider to be used for corporate and fiduciary accounting. Any fiduciary accounting system should provide fiduciary accounting separate from corporate accounts as provided in Section. 662.127, F.S., and in accordance with Sections 736.0810 and 736.08135, F.S. (2014), herein incorporated by reference and available at https://www.flrules.org/gateway/reference.asp?No=Ref-XXXXX, and Rule 5.346, F.A.C., Fiduciary Accounting, of the Florida Probate Rules, effective 01/01/2011, herein incorporated by reference and available at https://www.flrules.org/gateway/reference.asp?No=Ref-XXXXX. If accounting and bookkeeping functions are to be performed off the premises of the proposed licensed family trust company’s principal place of business, name the servicing agent, and describe any affiliation by way of ownership, directorship, or common employment of personnel which the proposed licensed family trust company may have with the servicing agent.

(4) The application must be signed under penalty of perjury by the applicant’s authorized representative.

Rulemaking Authority 662.140 FS. Law Implemented 662.111(10), (11), (12)(d), 662.121(1)-(11), 662.1215(1)-(4), 662.1225(1), 662.123, 662.124, 662.125(1), (2), 662.126(1), (2), (3), (4), 662.127, 662.130(1)(c), (e), 662.132, and 662.134 FS.  History–New__________.

 

69U-162.004 Application to Register as a Family Trust Company.

(1) A family trust company seeking to register under Section 662.122(1), F.S., must file a completed registration application on Form OFR-162-02 “Application to Register as a Family Trust Company,” effective ––, herein incorporated by reference and available at https://www.flrules.org/gateway/reference.asp?No=Ref-XXXXX, accompanied by a nonrefundable $5,000 application fee for deposit into the Financial Institutions’ Regulatory Trust Fund.

(2) The application must contain all information required by the form and the following exhibits:

(a) Exhibit A Family Members;

(b) Exhibit B              Current or Former Employees to Whom Services will be Provided;

(c) Exhibit C              Genealogical Chart;

(d) Exhibit D Articles of Incorporation or Organization;

(e) Exhibit E Bylaws or Operating Agreement;

(f) Exhibit F Capital Account;

(g) Exhibit G Statement Regarding Maintenance of Corporate and Fiduciary Records; and

(h) Exhibit H List of All Stockholders or Members.

(3) The statement provided in application Exhibit G, Statement Regarding Maintenance of Corporate and Fiduciary Records, must describe in detail how the proposed family trust company will maintain accurate corporate and fiduciary services records. The statement must identify by name any automated accounting system software or third-party accounting service provider to be used for corporate and fiduciary accounting.  Any fiduciary accounting system should provide fiduciary accounting separate from corporate accounts as provided in Section 662.127, F.S., and in accordance with Sections 736.0810 and 736.08135, F.S. (2014), herein incorporated by reference and available at https://www.flrules.org/gateway/reference.asp?No=Ref-XXXXX, and Rule 5.346, F.A.C., Fiduciary Accounting, of the Florida Probate Rules, effective 01/01/2011, herein incorporated by reference and available at https://www.flrules.org/gateway/reference.asp?No=Ref-XXXXX. If accounting and bookkeeping functions are to be performed off the premises of the proposed family trust company’s principal place of business, name the servicing agent, and describe any affiliation by way of ownership, directorship, or common employment of personnel which the proposed family trust company may have with the servicing agent.

(4) The application must be signed under penalty of perjury by the applicant’s authorized representative.

Rulemaking Authority 662.140 FS. Law Implemented 662.111(2), (8), (9), (10), (11), (12), 662.112, 662.120(1), 662.122(1), (3), (4), (5), 662.1225(1), 662.123(1), (2), 662.124, 662.125(1),(2), 662.132 FS. History–New_____.

 

69U-162.005 Application to Register as a Foreign Licensed Family Trust Company.

(1) An applicant seeking to operate in this state as a foreign licensed family trust company under Section 662.122(2), F.S., must file a completed registration application on Form OFR-162-03 “Application to Register as a Foreign Licensed Family Trust Company,” effective _______-, herein incorporated by reference and available at https://www.flrules.org/gateway/reference.asp?No=Ref-XXXXX, accompanied by a nonrefundable $5,000 application fee for deposit into the Financial Institutions’ Regulatory Trust Fund.

(2) The application must contain all information required by the form and Exhibit A.

(3) The application must be signed under penalty of perjury by the applicant’s authorized representative.

Rulemaking Authority 662.140 FS. Law Implemented 662.111(15), 662.122(2), (3), (4), (5), 662.1225(2) FS. History–New________.

 

69U-162.006 Annual Renewal.

(1) Within 30 days after the end of each calendar year, annual renewal applications for family trust companies, licensed family trust companies, and foreign licensed family trust companies must be filed with the Office on Form OFR-162-04 “Annual Renewal Application,” effective_______, herein incorporated by reference and available at https://www.flrules.org/gateway/reference.asp?No=Ref-XXXXX.

(2) The annual renewal application must be accompanied by a nonrefundable application fee in the amount of $1,500 for a licensed family trust company, $750 for a family trust company, and $1,000 for a foreign licensed family trust company.

(3) Each annual renewal application must be signed under penalty of perjury by the applicant’s authorized representative.

Rulemaking Authority 662.140 FS. Law Implemented 662.124, 662.125, 662.126, 662.127, 662.128, 662.132 FS. History–New_________.

 

69U-162.007 Records.

(1) Each family trust company and licensed family trust company shall maintain a principal office physically located in this state where original or true copies of all records and accounts of the family trust company or licensed family company may be accessed and made readily available for examination or inspection by the Office.

(2) The records and accounts maintained shall include the following:

(a) Account information and statements relating to the minimum capital account requirements of Section 662.132(1), F.S.;

(b) Account information and statements relating to any corporate investments not included under subparagraph (a) above;

(c) All records and accounting related to the trust company’s service in a fiduciary capacity, segregated as required under Section 662.127, F.S.;

(d) General ledgers;

(e) Balance sheet and income statements;

(f) Operating accounts;

(g) Any audits prepared under Section 662.141(2), F.S.;

(h) Records of real and personal property owned or leased by the licensed family trust company;

(i) All applicable state and local business licenses, charters, or permits;

(j) The names and residence addresses of all stockholders or members of the trust company and the number of shares of stock or membership units held by each, as well as the ownership percentage of each stockholder or member;

(k) The articles of incorporation or articles of organization, including all amendments and restatements;

(l) The bylaws or operating agreement, including all amendments;

(m) Organizational chart or charts;

(n) A current list of all family members which states how each family member qualifies as a family member as defined in Section 662.111, F.S.;

(o) A current genealogical chart or table that includes and identifies all family members;

(p) A current list of all current or former employees to whom family trust company services are provided and which states how each such employee or former employee qualifies under Section 662.111(12)(d), F.S., to receive such services;

(q) All personnel records;

(r) Current fidelity bond policies required under Section 662.126(1), F.S., for licensed family trust companies;

(s) Current errors and omissions insurance policies required under Section 622.126(4), F.S., for licensed family trust companies;

(t) A list identifying all affiliates;

(u) A list identifying all third-party service providers and the services provided;

(v) Copies of all license and renewal applications and exhibits submitted to the Office;

(w) The addresses of any branch offices; and             

(x) All other books of account and other records that relate to the company’s operations in the form in which they are ordinarily maintained in the course of the company’s business.

(3) Each family trust company or licensed family trust company may maintain other records not required by this rule, but such records shall be made readily available for examination or inspection by the Office.

(4) Each foreign licensed family trust company shall maintain, at its principal place of operations physically located in this state, the records below pertaining to its operations and business conducted in Florida:

(a) All records and accounting related to the trust company’s service in a fiduciary capacity;

(b) Records of real and personal property owned or leased by the foreign licensed family trust company;

(c) All applicable state and local business licenses, charters, or permits;

(d) Organization chart or charts;

(e) All personnel records;

(f) A list of all third-party service providers and the services provided;

(g) The addresses of any branch offices; and

(h) All other books of account and other records that relate to the company’s operations in the form in which they are ordinarily maintained in the course of the company’s business.

Rulemaking Authority 662.140 FS. Law Implemented 662.1225, 662.123, 662.124, 662.125(1), (2), 662.126, 662.127, 662.130, 662.131, 662.134, 662.141(3), (4), 662.142, 662.143, 662.145, 662.147(1) FS. History–New____.

 

69U-162.008 Examination.

(1) Examinations of family trust companies, licensed family trust companies, and foreign licensed family trust companies will be conducted under Section 662.141, F.S.

(2) Subsequent to any examination of a licensed family trust company by the Office, the Office shall provide the licensed family trust company with written findings, recommendations, comments, and conclusions resulting from such examination.

(3) The Office will provide a written notice to the family trust company, licensed family trust company, or foreign licensed family trust company stating the costs due as a result of an examination conducted in accordance with Section 662.141, F.S.  The company must remit payment for the cost of the examination within 30 days of the date of notice stating that such costs are due.             

Rulemaking Authority 662.140 FS. Law Implemented 662.141 FS. History–New_____.

 

69U-162.009 Application Process and Forms.

(1) Application forms for all license, registration, renewal, reports, and notice-filing actions covered by these rules are available on the Office of Financial Regulation, Division of Financial Institution’s website at http://www.flofr.com/StaticPages/DivisionOfFinancialInstitutions.htm or through the links provided in these rules. Forms may also be obtained at no cost by request to the Office of Financial Regulation, Division of Financial Institutions, 200 East Gaines Street, Tallahassee, Florida 32399-0371.

(2) Completed forms shall be submitted for filing to the Office of Financial Regulation, Division of Financial Institutions, 200 East Gaines Street, Tallahassee, Florida 32399-0371.

(3) Request for Additional Information. All information the applicant desires to present to support the application should be submitted with the original filing. The required exhibits in the application forms are not intended to limit the applicant’s presentation of any of the requirements, but merely represent the minimum information to be filed. Additional information shall be submitted within 60 days after a request has been made by the Office. Any such request for additional information will be made by the Office within 30 days after receipt of the application and the full amount of the prescribed fee for the registration sought. Failure to respond to such request within 60 days after the date of the request may be construed by the Office as grounds for denial of an application in accordance with the provisions of Sections 120.60(1) and 120.80(3), F.S. No application shall be considered to be complete until all requested information has been submitted to  the Office.

(4) Burden of Proof. It is the applicant’s responsibility to prove that the statutory and regulatory requirements warranting granting of the authority requested by the applicant are met.

(5) Withdrawal of Application. The applicant may request withdrawal of an application at any time by filing a written notice of withdrawal signed by the applicant’s authorized representative.

(6)(a) The forms referred to in this section below are incorporated by reference and adopted by this rule for the purposes of Rule Chapter 69U-162, F.A.C.:

1. Form OFR-162-01, “Application for License as a Licensed Family Trust Company,” effective –––––, available at https://www.flrules.org/gateway/reference.asp?No=Ref-XXXXX.

2. Form OFR-162-Bio, “Biographical Report,” effective ––––––, available at https://www.flrules.org/gateway/reference.asp?No=Ref-XXXXX.

3. Form OFR-162-02, “Application to Register as a Family Trust Company,” effective ––––-, available at https://www.flrules.org/gateway/reference.asp?No=Ref-XXXXX

4. Form OFR-162-03, “Application to Register as a Foreign Licensed Family Trust Company,” effective ––, available at https://www.flrules.org/gateway/reference.asp?No=Ref-XXXXX

5. Form OFR-162-04, “Annual Renewal Application,” effective ––––––, available at https://www.flrules.org/gateway/reference.asp?No=Ref-XXXXX

6. Form OFR-162-07, “Notification of Proposed Appointment of a Director, Addition of a Member, or Employment of an Officer, Manager, or Member Acting in a Managerial Capacity, or Equivalent Position,” effective ––––––––––, available at https://www.flrules.org/gateway/reference.asp?No=Ref-XXXXX

7. Form OFR-162-11, “Quarterly Report of Capital Account, Fidelity Bond, and Insurance,” effective –––, available at https://www.flrules.org/gateway/reference.asp?No=Ref-XXXXX

(b) Social security number. The following form contains a field that requires a proposed director, officer, manager, or member acting in a managerial capacity for a licensed family trust company to provide his or her social security number: Form OFR-162-Bio “Biographical Report” effective ––––––, incorporated by reference in Rule 69U-162.009(6)(a)2., F.A.C.  The individual’s social security number will be used by the Office to facilitate the identification of the individual to obtain verification of the required criminal justice information and licensing background, which may expedite the processing of the forms. Social security numbers obtained through the submission of the above-listed form are subject to the confidentiality provisions of Section 119.071(5), F.S.

Rulemaking Authority 120.60(1), 662.140 FS. Law Implemented 119.071(5), 120.60(1), 120.80(3)(a), 662.121, 662.1215, 662.122, 662.124, 662.125(2), (3), (4), 662.126  FS. History–New_____.

 

69U-162.010 Notification of Proposed Appointment.

(1) A licensed family trust company that proposes to appoint an individual to the board of directors or add a member, or appoint or employ an individual as an officer or manager or member acting in a managerial capacity or equivalent position must notify the Office of such proposed appointment, addition, or employment using Form OFR-162-07, “Notification of Proposed Appointment of a Director, Addition of a Member, or Employment of an Officer, Manager, or Member Acting in a Managerial Capacity, or Equivalent Position,” effective–––––––––, herein incorporated by reference and available at https://www.flrules.org/gateway/reference.asp?No=Ref-XXXXX.

(2) The notification must be accompanied by a completed Form OFR-162-Bio, “Biographical Report,” effective –––––-, incorporated by reference in Rule 69U-162.009(6)(a)2., F.A.C., for the individual proposed.

(3) Such notification must be provided to the Office at least 60 days before the proposed appointment, addition, or employment becomes effective.

(4) A licensed family trust company may file a written request with Office to permit an individual proposed as a director, executive officer, manager, member, managing member, or equivalent position, to assume his or her position on an interim basis prior to the expiration of the 60-day notice period.

(5) The Office shall not consider a request for interim appointment or employment of a director or executive officer or managing member, or equivalent position, unless the Office has received the completed forms.

(6) The granting of a request for the interim appointment, addition, or employment of an individual shall not affect the ability of the Office to subsequently issue a notice of disapproval within the 60-day notice period.

Rulemaking Authority 662.140 FS. Law Implemented 662.121, 662.1215, 662.125(3), (4), (5) FS. History–New____.

 

69U-162.011 Discontinuing Business.

(1) A licensed family trust company that desires to discontinue business must provide the Office with written notification prior to the proposed discontinuance date. The notice must contain or attach the proposed plan for discontinuing business as well as a certified copy of the resolution of the board of directors, or members if a limited liability company, authorizing the action.

(2) The proposed plan for discontinuing business must include:

(a) A draft of the proposed notice to family members and former or current employees to whom services are provided;

(b) Any outstanding liabilities and the proposed process to settle those liabilities;

(c) The actions the licensed family trust company intends to take for discharge from all fiduciary duties it had undertaken; and

(d) Any other information related to the resolution of outstanding matters and discontinuance of business and discharge of fiduciary duties, including any related proposed amendments to the company’s articles of incorporation or organization or articles of dissolution.

(3) If, within 90 days of providing the notice of discontinuance of business, the company has not been discharged from all fiduciary duties which it has undertaken and provided the certification of such discharge to the Office, the company shall provide a progress report to the Office on implementation of the plan for discontinuing business, and every 90 days thereafter provide such progress report until the company has been discharged from all fiduciary duties which it has undertaken, provided the certification of such discharge to the Office, and relinquished its license to operate as a licensed family trust company to the Office.

Rulemaking Authority 662.140 FS. Law Implemented 662.129 FS. History–New______

 

69U-162.012 Quarterly Reporting of Capital Accounts, Fidelity Bonds, and Insurance.

(1) A family trust company and licensed family trust company shall, within 30 days after the end of each quarter, file with the Office a report of capital accounts, fidelity bonds, and errors and omissions insurance on Form OFR-162-11 “Quarterly Report of Capital Account, Fidelity Bond, and Insurance,” effective ––––, herein incorporated by reference and available at https://www.flrules.org/gateway/reference.asp?No=Ref-XXXXX.

(2) Licensed family trust companies are required to provide all information requested by the form.

(3) Family trust companies are required to provide the capital account information, and may, but are not required to, provide the fidelity bonds and insurance information.

Rulemaking Authority 662.140 FS. Law Implemented 662.124, 662.126, 662.132(1), 662.141 FS. History–New_____.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Barry Gilman, Director, Division of Financial Institutions

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: September 1, 2015

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: August 3, 2015