Title XXXVIII, Banks and Banking

The purpose of this part is to establish a legal and regulatory framework for the conduct by international trust entities of financial services business in this state. This part is intended to:(1) Support the Florida operations of international trust entities and promote the grow…

(1) “Affiliate” means a person or business or a group of persons or businesses acting in concert which controls, is controlled by, or is under common control of an international trust entity.(2) “International trust company representative office” means an office of an internation…

(1) An international trust entity that operates an office licensed under this part is subject to all the financial institutions codes as though such international trust entity were a state trust company, except when it appears, from the context or otherwise, that such provisions …

Notwithstanding s. 607.01401(36), the provisions of part I of chapter 607 which are not in conflict with the financial institutions codes and which relate to foreign corporations apply to all international trust entities and their offices doing business in this state.History.—s. …

An international trust entity, or any affiliated, subsidiary, or other person or business entity acting as an agent for, on behalf of, or for the benefit of such international trust entity, who engages in such activities from an office located in this state, may not transact a tr…

(1) Notwithstanding s. 655.059, an international trust company representative office established under this chapter is not required to produce a book or record pertaining to a deposit account, investment account, trust account, or loan of a customer of the international trust ent…

(1) An international trust entity, before being licensed by the office to maintain any office in this state, must subscribe and acknowledge, and submit to the office, an application that contains all of the following:(a) The name of the international trust entity.(b) The proposed…

(1) For an international trust entity to qualify for a license under this part, the proposed capitalization of the international trust entity must be in such amount as the office determines is necessary, taking into consideration the risk profile of the international trust entity…

(1)(a) An international trust entity licensed to operate an office in this state may engage in the business authorized by this part at the office specified in such license for an indefinite period.(b) An international trust entity may operate more than one licensed office, each a…

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 this state, the office may allow the currently licensed international trust comp…

(1) An international trust company representative office may conduct any nonfiduciary activities that are ancillary to the fiduciary business of its international trust entity, but may not act as a fiduciary. Permissible activities include advertising, marketing, and soliciting f…

Before opening an office in this state, and annually thereafter so long as an international trust company representative office is maintained in this state, an international trust entity licensed pursuant to this part must certify to the office the amount of its capital accounts,…

(1) An international trust entity that operates an office licensed under this part shall, at such times and in such form as the commission prescribes, make written reports in the English language to the office, under the oath of one of its officers, managers, or agents transactin…

(1)(a) An international trust entity that is licensed to maintain an office in this state may not continue to conduct its licensed business in this state if the international trust entity:1. Is dissolved, or its authority or existence is otherwise terminated or canceled in the ho…

(1) An application for a license to establish an international trust company representative office under this part must be accompanied by a nonrefundable $5,000 filing fee, payable to the office.(2) An international trust entity that maintains an office licensed under this part m…

In addition to any other rulemaking authority it has under the financial institutions codes, the commission may adopt reasonable rules that it deems advisable for the administration of international trust entities under this part in the interest of protecting depositors, creditor…

If domestic or foreign travel is deemed necessary by the office to effectuate the purposes of this part, the office must be reimbursed for actual, reasonable, and necessary expenses incurred in such domestic or foreign travel by the international trust company representative offi…

(1) DEFINITIONS.—As used in this section, the term:(a) “Reports of examinations, operations, or condition” means records submitted to or prepared by the office as part of the office’s duties performed pursuant to s. 655.012 or s. 655.045.(b) “Working papers” means the records of …

(1) As used in ss. 663.531-663.539, the term:(a) “Foreign country” means a country other than the United States and includes any colony, dependency, or possession of such country notwithstanding any definitions in chapter 658, and any territory of the United States, including Gua…

(1) Qualification as a qualified limited service affiliate under this part does not provide any exemption from licensure, registration, application, and requirements to conduct licensed business activities in this state. A qualified limited service affiliate may engage in any of …

(1) To qualify as a qualified limited service affiliate under this part, a proposed qualified limited service affiliate must file a written notice with the office, in the manner and on a form prescribed by the commission. Such written notice must include:(a) The name under which …

(1) Notwithstanding s. 655.059, a qualified limited service affiliate established under this chapter is not required to produce a book or record pertaining to a customer of an affiliated international trust entity that is located outside the United States or its territories in re…

A qualified limited service affiliate is subject to the financial institutions codes. Without limiting the foregoing, the following provisions are applicable to a qualified limited service affiliate:(1) Section 655.012, relating to general supervisory powers of the office.(2) Sec…

A qualified limited service affiliate must report to the office, within 15 days of its knowledge of the occurrence, any changes to the information previously relied upon by the office when qualifying or renewing a qualification under this part.History.—s. 45, ch. 2017-83.

All marketing documents and advertisements and any display at the location of the qualified limited service affiliate or at any trade or marketing event must contain the following statement in a contrasting color in at least 10-point type: “The Florida Office of Financial Regulat…

A qualified limited service affiliate who participates in a trade, industry, or professional event pursuant to s. 663.531 must keep a record of its participation in the event. The record must be maintained for at least 2 years following the event and must contain the following in…

The office may conduct an examination or investigation of a qualified limited service affiliate at any time that it deems necessary to determine whether the qualified limited service affiliate or financial institution-affiliated party thereof has violated, or is about to violate,…

(1) A qualified limited service affiliate that proposes to terminate operations in this state shall surrender its qualification to the office and comply with such procedures as required by rule of the commission.(2) A qualified limited service affiliate that fails to renew its qu…

A qualification must be renewed every 2 years. A qualification must be renewed by furnishing such information as the commission requires. A complete biennial renewal of qualification must include a declaration under penalty of perjury, signed by the executive officer or managing …

(1) DEFINITIONS.—As used in this section, the term:(a) “Reports of examinations, operations, or condition” means records submitted to or prepared by the office as part of the office’s duties performed pursuant to s. 655.012 or s. 663.537.(b) “Working papers” means the records of …