Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1140 - Division of Finance
Chapter 6 - Interpretive Rulings
Section 20 CSR 1140-6.085 - Trust Representative Offices
Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This section sets forth a definition for "trust representative offices," which are authorized by statute for certain in-state and out-of-state banks and trust companies, and establishes a procedure for establishing these offices.
(1) A trust representative office is an office, agency or place of business at which a bank or trust company may advertise, market or solicit for fiduciary business; contact existing or potential customers; answer questions and provide information about matters related to their accounts; act as a liaison between the institution's trust office and the customer (e.g., forward requests for distribution or changes in investment objective, or forward forms and funds received from the customer); or simply inspect or maintain custody of fiduciary assets. An institution may not accept fiduciary appointments, execute documents that create a fiduciary relationship or make decisions regarding the investment or distribution of fiduciary assets at a trust representative office.
(2) A Missouri chartered bank or trust company may establish one (1) or more trust representative offices, subject to sections 362.105.1(9) and 362.105.2, RSMo 2000. The institution shall provide the Division of Finance with a written notice within thirty (30) days after establishing each trust representative office.
(3) A "foreign corporation" as defined in section 362.600.1, RSMo 2000 may establish a trust representative office in Missouri if it meets the following requirements:
*Original authority: 361.105, RSMo 1967, amended 1993, 1994, 1995; 362.105, RSMo 1939, amended 1949, 1963, 1965, 1967, 1977, 1983, 1986, 1990, 1991, 1992, 1995, 2000; 362.600, RSMo 1967, amended 1978, 1988, 1998, 2000.
