Current through Reg. 50, No. 187; September 24, 2024
(1)
Pursuant to Section 663.412, F.S., an international
trust entity that is licensed to maintain an international trust company
representative office may not continue to conduct its licensed business in this
state if the international trust entity is experiencing any of the statuses
outlined in Sections 663.412(1)(a)
1.-3., F.S. However, subject to the OFR's approval, the OFR may permit an
international trust company representative office to remain open and in
operation if the international trust entity is experiencing any of the statuses
outlined in Sections 663.412(1)(a)
2.-3., F.S., if, within the 30 days after the occurrence of such event, the
international trust company representative office provides the office with
either a plan to wind down its affairs and business within the subsequent 90
days, or an interim operational plan to the OFR within 30 days after the
occurrence of any such event.
(2)
The interim operational plan submitted to the OFR must contain the following:
(a) The international trust entity's
operational requirements, restrictions, written agreements, or other documents
provided by its home country supervisor based on its current status;
(b) A business continuity and strategic plan
of the international trust company representative office and international
trust entity based on the status of international trust entity. The plans must
include projected timelines and impact on business continuity based on the
status of the international trust entity;
(c) A description of the technical competence
and administrative ability of the management of the international trust entity
and its offices or subsidiaries to manage and address requirements and
operations based on its status;
(d)
A description of the technical competence and administrative ability of the
management of the international trust company representative office based on
the status of the international trust entity;
(e) A description of the adequacy of the
accounting and internal control systems of the international trust entity,
particularly the international trust entity's ability to monitor and supervise
the activities of its offices or subsidiaries, wherever located, based on its
status;
(f) A description of any
updates to internal systems, processes, policies, and procedures of the
international trust company representative office and the international trust
entity due to the status of the trust entity;
(g) The name and contact information of the
international trust entity's home country supervisor;
(h) The name and contact information of any
supervisory authorities monitoring and overseeing the international trust
entity based on its status; and,
(i) If there are any changes to the officer
or manager overseeing the operations of the international trust company
representative office as part of the interim operational plan, the
international trust company representative office shall submit Attachments 4(a)
Biographical Information and 4(b) Authorization for
Release of Confidential Information to the Form OFR-U-20D, Application
for the Establishment of an International Trust Company Representative Office
in the State of Florida, incorporated by reference in subsection
69U-130.102(1),
F.A.C., for each newly proposed officer or manager.
(3) Standards. Pursuant to Section
663.412(1)(b)1.a., F.S., if the OFR finds that the interim operational plan
does not allow for the conduct of business in a safe and sound manner, the OFR
shall revoke the license. In making its determination of the acceptability of
the interim operational plan, the OFR shall consider the following criteria:
(a) The international trust entity is
authorized by the foreign country in which it is organized and licensed to
address the affairs of the international trust company representative office in
this state;
(b) The international
trust company representative office will not engage in any new lines of
business or otherwise expand its activities in this state;
(c) Allowing the international trust company
representative office to remain open furthers domestic and foreign supervisory
cooperation;
(d) Allowing the
international trust company representative office to remain open is in the
public's interest and does not present an immediate or serious danger to the
public health, safety, or welfare;
(e) Management of the international trust
company representative office has the ability to operate the office in a safe
and sound manner;
(f) The capital
adequacy of the international trust entity, its offices or subsidiaries as
specified by the capital adequacy guidelines in the home country and in the
United States, based on the status of the international trust entity;
(g) The liquidity, funds management, asset
management, and asset administration practices of the international trust
entity, its offices or subsidiaries, based on the status of the international
trust entity; and,
(h) Any
supervisory information from the home country regulator or supervisory
authority of the international trust entity, based on its
status.
(4) The OFR may
conduct an onsite examination or investigation of an international trust
company representative office to confirm information provided to the OFR in the
interim operational plan.
(5) The
OFR shall process requests for approval of an interim operational plan as
follows:
(a) Upon receipt of any request for
approval of an interim operational plan, the OFR shall review the information
contained therein, and request any additional information to complete the
request within 15 days after receipt. The international trust entity shall
provide the requested additional information within 15 days after the receipt
of the notice from the OFR. Failure to respond within the timeframe required is
grounds for denial of the interim operational plan, and will result in the
subsequent revocation of the license in accordance with Section
663.412(1)(a),
F.S.
(b) Within 10 days after
receipt of any additional information requested, the OFR shall deem the request
for approval of an interim operational plan complete or provide notification
that the information provided does not satisfy the OFR's request or
requests.
(c) Within 10 days after
receipt of a completed request for approval of an interim operational plan, the
OFR shall approve or deny the interim operational plan.
(d) Approval of an interim operational plan
will be granted for no more than 120 days. Should the international trust
entity require an interim period of longer than 120 days, a new interim
operational plan must be submitted to the OFR for approval at least 15 days
prior to the expiration of the original approval. If a new interim operational
plan is not provided within 15 days prior to the expiration of the prior plan,
the OFR shall revoke the license in accordance with Section 663.412(1)(a),
F.S.
(6) If the OFR
denies the interim operational plan, the OFR shall revoke the license in
accordance with Section 663.412(1)(a), F.S.
(7) No more than 2 consecutive interim
operational plans may be approved.
(8) Reporting. The international trust entity
shall provide weekly reporting of its status as part of the ongoing monitoring
of an international trust company representative office that is operating under
an interim operational plan.
Rulemaking Authority 655.012(2), 663.412, 663.414 FS. Law
Implemented 663.412, 663.414 FS.
New 1-1-18.
