Current through Reg. 50, No. 187; September 24, 2024
(1) Application to Establish an International
Trust Company Representative Office. 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 in the State of Florida, effective 01/2018, herein
incorporated by reference and available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-08799.
The application shall be submitted with a nonrefundable filing fee in the
amount prescribed by Section
663.413(1),
F.S., which is made payable to the Office of Financial Regulation
(OFR).
(2) Abbreviated Application
to Establish an International Trust Company Representative Office. Pursuant to
Section 663.406(4),
F.S., an international trust entity that has operated an international trust
company representative office in this state for at least three years in a safe
and sound manner, as defined by commission rule, and that is otherwise eligible
to establish an additional office may establish one or more additional
international trust company representative offices by providing an abbreviated
application.
(a) For the purposes of
subsection (2), of this rule, "safe and sound manner" means operating without
violating any agreement in writing with, or order issued by, a state or federal
regulatory agency, or engaging in any practice, conduct, or violation found by
the OFR to be contrary to Title XXXVIII, F.S., or that otherwise creates the
likelihood of loss, insolvency, or dissipation of assets or otherwise
prejudices the interest of the international trust entity or its
customers.
(b) The abbreviated
application for authority to establish an additional international trust
company representative office shall be filed on Form OFR-U-20D ABR, Abbreviated
Application for the Establishment of an Additional International Trust Company
Representative Office in the State of Florida, effective 01/2018, herein
incorporated by reference and available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-08800.
This abbreviated application shall be submitted with a nonrefundable filing fee
in the amount prescribed by section
663.413(1),
F.S.
(3) After the Fact
Licensure In the Event of Acquisition, Merger, or Consolidation. Pursuant to
Section 663.4081, F.S., if an
international trust entity proposes to acquire, merge, or consolidate with an
international trust entity that presently operates an international trust
company representative office licensed in the State of Florida, the OFR may
allow the currently licensed international trust company representative office
to remain open and in operation after the consumation of a proposed
acquisition, merger, or consolidation subject to certain conditions. An
after-the-fact 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 in
the State of Florida, effective 01/2018, herein incorporated by reference and
available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-08799.
The application shall be submitted with a nonrefundable filing fee in the
amount prescribed by Section
663.413(1),
F.S., which is made payable to the Office of Financial Regulation (OFR).
(a) At least 30 days prior to the consumation
of the acquisition, merger, or consolidation, the international trust entity
currently licensed to operate an international trust company representative
office in Florida must provide the OFR a written notice. This written notice
shall contain the following:
1. The name,
home jurisdiction, and home country supervisor of each party to the
transaction.
2. The effective date
of the proposed transaction.
3. The
type and terms of the transaction. The written notice must indicate whether the
proposed transaction is an aqcuisition, merger, or consolidation, and give a
brief description of the terms of the proposed transaction, including the names
of the current and resulting entities, any reasons for engaging in the proposed
transaction, and any proposed change to the board of directors.
4. If the proposed transaction will result in
a change of home country supervisor, the written notice must include the name
and home country jurisdiction of the new home country supervisor.
5. Certification that the international trust
company representative office will not engage in any new lines of business or
otherwise expand its activities until final disposition of the after-the-fact
application.
6. Certification that
the proposed transaction will not result in violation of subsection (1) of
Section 663.4081,
F.S.
(4)
Timelines for Approval. For applications filed on or after January 1, 2018, the
timelines contained in this subsection will apply to each application for
authority to establish an international trust company representative office.
(a) The original and one copy of the
application in the format required by the OFR, accompanied by the prescribed
fee, shall be filed with the OFR Division of Financial Institutions at 200 East
Gaines Street, Tallahassee, Florida 32399-0371. No application will be deemed
filed or received for publication unless accompanied by the proper filing fee.
All filing fees for any license action covered by these rules are
nonrefundable. Upon receipt of the application and the accompanying fee, the
applicant shall be so notified by the OFR.
(b) The OFR shall have published in the
Florida Administrative Register notice of the application within 21 days after
receipt.
(c) Within 21 days after
publication of notice, any person may request a hearing. Failure to request a
hearing within 21 days after notice constitutes a waiver of any right to a
hearing. The OFR or an applicant may request a hearing at any time prior to the
issuance of a final order. Hearings shall be conducted pursuant to Sections
120.569 and
120.57, F.S.
(d) Should a hearing be requested as provided
by paragraph (4)(c), the applicant or licensee shall publish at its own cost a
notice of the hearing in a newspaper of general circulation in the area
affected by the application.
(e)
All information the applicant wants 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 required to
be filed. All additional information and/or complete correction of all errors
or omissions must be submitted within 60 days after requested by the OFR.
Applicant's failure to respond to such request within 60 days after the date of
the request shall be construed by the OFR as grounds for denial of an
application in accordance with the provisions of Section
120.60(1),
F.S., and the file shall be closed, unless good cause is shown that it remain
open. Should the file be closed pursuant to these provisions, the applicant
shall be duly notified.
(f) An
applicant may amend the application as to those factors generally within the
control or selection of the applicant once, as a matter of course, at any time
within 30 days from its receipt for filing. Otherwise, the application may only
be amended with permission from the OFR. Requests to make material changes
filed at any time after the application has been received shall be deemed by
the OFR to be grounds for denial, and upon such denial a new application
accompanied by the appropriate filing fee shall be required. If the OFR grants
a request to make material changes in the application, the amended application
will be treated as a new application with respect to the applicable rules of
this chapter, except that no additional filing fee shall be required. When an
application is denied on the grounds set forth above, the applicant shall be
duly notified.
(g) Upon a request
from an applicant, the OFR shall permit the filing of supplemental information
external to the application which sets forth evidence of changing economic
conditions and transactions, occurrences, or events having a bearing on the
application and which have taken place since the application was filed. Such
supplemental information must be filed within a reasonable time after the
information is known by the applicants but in no event later than 10 days
before the hearing, if one has been requested.
(h) An application for authority to establish
an international trust company representative office must be approved or denied
within 180 days after receipt of the original application, or receipt of the
timely requested additional information or correction of errors or omissions.
An application for such a license which is not approved or denied within the
180-day period or within 30 days after conclusion of a public hearing on the
application, whichever is later, shall be deemed approved subject to the
satisfactory completion of conditions required by statute as a prerequisite to
license.
(i) The applicant may
withdraw the application at any time by filing a written notice of withdrawal
from the correspondent as designated on the application form with the OFR. The
OFR shall publish notice of the withdrawal within 21 days of its receipt, if
the original application required public notice.
(5) Notice Regarding Collection and Use of
Social Security Numbers. The forms incorporated by reference in this rule
request that the applicant provide his or her social security number. In
accordance with Sections 119.071(5)(a)2.a. and b., F.S., the OFR gives the
following notice to applicants regarding the OFR's collection and use of social
security numbers:
(a) The OFR's collection of
social security numbers is not expressly authorized by or mandatory under
federal or state law, but it is imperative for the performance of the OFR's
duties and responsibilities as prescribed by Sections
663.406(6) and
(9), F.S., to ensure the safe and sound
management and operations of the international trust company representative
office in this state.
(b) Social
security numbers collected by the OFR may not be used by the OFR for any
purpose other than the purpose provided in this notice.
(c) Social security numbers held by the OFR
are confidential and exempt from Section
119.07(1),
F.S., and Section 24(a), Article I of the State Constitution. This exemption
does not supersede any federal law prohibiting the release of social security
numbers or any other applicable public records exemption for social security
numbers existing prior to May 13, 2002, or created thereafter.
(d) Social security numbers held by the OFR
may be disclosed if any of the following apply:
1. The disclosure of the social security
number is expressly required by federal or state law or a court
order;
2. The disclosure of the
social security number is necessary for the receiving agency or governmental
entity to perform its duties and responsibilities;
3. The individual expressly consents in
writing to the disclosure of his or her social security number;
4. The disclosure of the social security
number is made to comply with the USA Patriot Act of 2001,
Pub. L. No.
107-56, or Presidential Executive Order
13224;
5. The disclosure of the
social security number is made to a commercial entity for the permissible uses
set forth in the federal Driver's Privacy Protection Act of 1994,
18 U.S.C. Sections
2721 et seq.; the Fair Credit Reporting Act,
15 U.S.C. Sections
1681 et seq.; or the Financial Services
Modernization Act of 1999, 15 U.S.C. sections 6801 et seq.,
provided that the authorized commercial entity complies with the requirements
of this paragraph;
6. The
disclosure of the social security number is for the purpose of the
administration of health benefits for an agency employee or his or her
dependents;
7. The disclosure of
the social security number is for the purpose of the administration of a
pension fund administered for the agency employee's retirement fund, deferred
compensation plan, or defined contribution plan; or
8. The disclosure of the social security
number is for the purpose of the administration of the Uniform Commercial Code
by the office of the Secretary of
State.
Rulemaking Authority 655.012(2),
663.414,
663.406 (4), (5), (6), (9),
663.4081(2) FS. Law Implemented 663.414, 663.406,
663.4081
FS.
New 1-1-18.
