Pennsylvania Administrative Code

§ 13.61. Definitions. The following words and terms, when used in this section and § § 13.62—13.68, have the following meanings, unless the context clearly indicates otherwise: Banking institution— (i) A bank, bank and trust company, trust company and savings bank, chartered unde…

§ 13.62. Application. Sections 13.61, 13.63—13.68 and this section address limited purpose banking offices located in this Commonwealth which are established by Commonwealth and non-Pennsylvania banking institutions, as defined in § 13.61 (relating to definitions). In addition, t…

§ 13.63. Permissible activities. (a) The following activities may be conducted at a limited purpose banking office of a banking institution, if, in instances where another state is involved, the performance of the activities at the limited purpose banking office does not violate,…

§ 13.64. Impermissible activities. A limited purpose banking office of a banking institution may not: (1) Make final business decisions, other than decisions relating to the premises or personnel of the limited purpose banking office, for the account of the banking institution it…

§ 13.65. Information required. (a) A banking institution seeking to establish and maintain a limited purpose banking office under § § 13.61—13.64, 13.66—13.68 and this section shall submit a prior notice to the Department’s Manager of Corporate Applications in letter form. The De…

§ 13.66. Designation as a limited purpose banking office. Office signs, stationery, telephone listings or print advertisements related to a limited purpose banking office established under § § 13.61—13.65, 13.67, 13.68 and this section shall clearly indicate that the office is a …

§ 13.67. Authority of the Department. (a) When deemed necessary by the Department, a limited purpose banking office established and maintained under § § 13.61—13.66, 13.68 and this section shall be subject to supervision, regulation, examination and orders issued by the Departmen…

§ 13.68. Application of other Pennsylvania laws. A non-Pennsylvania banking institution may be required to register with the Department of State to do business in this Commonwealth under 15 Pa.C.S. Chapter 41 (relating to foreign business corporations). The Department recommends …

COLLECTIVE INVESTMENT FUNDS § 15.1. Definition of ‘‘institution’’ The word institution, when used in this chapter, means a bank and trust company, a trust company and, to the extent applicable, a savings bank.

§ 15.10. General investment procedures. Funds operating under section 404(b)(iii) of the Banking Code (7 P. S. § 404(b)(iii)) shall be subject to the following additional restrictions: (1) No funds or other property shall be invested in a participation in a fund if, as result of …

§ 15.11. Handling of mortgages. (a) Charges for service expenses. Reasonable expenses incurred in servicing mortgages held by a fund may be charged against the income account of the fund and paid to servicing agents, including the institution administering the fund. (b) Reserve a…

§ 15.12. Management provisions. (a) An institution administering a collective investment fund shall have the exclusive management thereof. The institution may charge a fee for the management of the fund; except that the fractional part of such fee proportionate to the interest of…

§ 15.13. Short-term investment funds. Short-term investment funds may be operated on a cost rather than market value basis for purposes of admissions and withdrawals, if the plan of operation satisfies the following conditions: (1) Investments shall be limited to bonds, notes, or…

§ 15.2. Plan to be filed by institutions. (a) Each collective investment fund shall be established and maintained in accordance with a written plan (referred to within this chapter as ‘‘the Plan’’) which shall be approved by resolution of the board of directors of the institution…

§ 15.3. Contents of Plan. The Plan filed by institutions in accordance with § 15.2 (relating to plan to be filed by institutions) shall contain provisions relating to the following: (1) Investment powers of the institution with respect to the fund. (2) Allocation of income, profi…

§ 15.4. Public availability of Plan. A copy of the Plan shall be available at the principal office of the institution for inspection during all banking hours, and upon request a copy of the Plan shall be furnished to any person.

§ 15.5. Participation. (a) Participations in the collective investment fund shall be on the basis of a proportionate interest in all of the assets. (b) The institution shall consider the fund as a whole when investing funds received or held by the institution as fiduciary in a pa…

§ 15.6. Annual audit. (a) An institution administering a collective investment fund shall make an adequate audit of the fund at least once during every 12-month period. The auditors who perform this audit are responsible only to the board of directors of the institution. (b) When…

§ 15.7. Annual financial report. (a) An institution administering a collective investment fund shall, at least once during each period of 12 months, prepare a financial report of the fund which shall be filed with the Department. (b) The financial report shall be based upon the a…

§ 15.8. Withdrawals. (a) When participations are withdrawn from a collective investment fund, distributions may be made in cash or ratably in kind, or partly in cash and partly in kind, provided that all distributions as of any one valuation date shall be made on the same basis. …

§ 15.9. Fiduciary capacity of an institution. (a) An institution administering a collective investment fund shall not have any interest in such fund, other than its fiduciary capacity, but funds held by an institution as fiduciary for its own employes may be invested in such a fu…

§ 19.1. Definition of ‘‘act.’’ The term act, when used in this chapter, shall mean the act of September 2, 1965 (P.L. 490, No. 249) (7 P.S. § § 6101—6118), referred to as the Money Transmission Business Licensing Law and commonly known as the Money Transmitter Act. Authority The …

§ 19.2. License certificate. Licenses for money transmitters shall be issued annually on January 1 of each year, upon approval of applications to be submitted no later than November 1 of the preceding year.

§ 19.3. Application for licenses. The application to be used for both new licenses and renewals of licenses shall be in such form and contain such information as the Department may from time to time prescribe. Such forms may be obtained from the Department of Banking and Securiti…

§ 19.5. Reports to the Department. It shall be the duty of the licensee to submit to the Department annual financial statements, with balance sheet and such other financial information as the Department may require from time to time. The material shall be prepared in accordance w…

§ 19.6. Advertisements. (a) Licensees may advertise their activities in such form as they desire, but in no instance shall any reference to supervision or licensing be made other than by the following phrase: ‘‘Transmit Money By Check, Draft or Money Order By The Department of Ba…

§ 19.7. Form of transmittal instruments. Licensees shall issue a form of instrument which clearly states the name of the licensee and the place of payment. A sample form of all types of instruments sold or issued must be attached to the application submitted by the applicant.

§ 19.8. Records of licensees. (a) Books and records shall be kept in such a manner that the true condition of the licensee may be readily ascertained. Records of instruments sold must indicate number, date, and amount. (b) Licensees shall maintain complete records of instruments …

§ 202.010. Securities issued by a governmental unit. (a) The exemption contained in section 202(a) of the act (70 P.S. § 1-202(a)) is available for a security described in that section which is an exempt security under section 3(a)(2) of the Securities Act of 1933 (15 U.S.C.A. § …

§ 202.030. Commercial paper. (a) The exemption contained in section 202(c) of the act (70 P.S. § 1-202(c)) is available for any security which is a Federally covered security by reason of being an exempt security under section 3(a)(3) of the Securities Act of 1933 (15 U.S.C.A. § …

§ 202.051. Equity securities of nonprofit organizations. (a) For the purpose of section 202(e) of the act (70 P. S. § 1-202(e)), the exemption is not applicable to a proposed offering of nondebt securities by an issuer when: (1) a promoter transfers, directly or indirectly, asset…

§ 202.070. Securities issued in connection with employe benefit plans. (a) An issuer may rely on the exemption in section 202(g) of the act (70 P. S. § 1-202(g)) if any of the following apply: (1) The securities are being issued in connection with a stock option, purchase, saving…

§ 202.091. Shares of professional corporations. (a) Under the authority contained in section 202(i) of the act (70 P.S. § 1-202(i)), the Department finds that it is not in the public interest or necessary for the protection of investors to require the registration under section 2…

§ 202.092. Guaranties of certain debt securities exempt. (a) The exemption established by this section applies to a guaranty of a bond that is offered or sold in this Commonwealth. (b) Under the authority contained in section 202(i) of the act (70 P.S. § 1-202(i)), the Department…

§ 202.093. Charitable contributions to pooled income funds exempt. (a) Under the authority contained in section 202(i) of the act (70 P.S. § 1-202(i)), the Department finds that it is not in the public interest or necessary for the protection of investors to require registration …

§ 202.094. World class issuer exemption. Under the authority contained in section 202(i) of the act (70 P.S. § 1-202(i)), the Department finds that it is not in the public interest or necessary for the protection of investors to require registration under section 201 of the act (…

§ 202.095. Charitable gift annuities. (a) Under the authority contained in section 202(i) of the act (70 P.S. § 1-202(i)), the Department finds that it is not in the public interest or necessary for the protection of investors to require registration under section 201 of the act …

§ 203.011. Nonissuer transactions. (a) The exemption contained in section 203(a) of the act (70 P.S. § 1-203(a)) is available for transactions in a security which are not directly or indirectly for the benefit of the issuer or an affiliate of the issuer of the subject security. B…

§ 203.031. Fiduciary capacity. Where an institutional investor purchases securities for the benefit of another person, the exemption contained in section 203(c) of the act (70 P. S. § 1-203(c)) shall be available only if the institutional investor is empowered under applicable st…

§ 203.041. Limited offerings. (a) The notice required under section 203(d) of the act (70 P.S. § 1-203(d)) shall be filed with the Department within the time period specified on Form E in accordance with the General Instructions. (b) The Department will not consider the requireme…

§ 203.101. Mortgages. (a) For the purpose of section 203(j) of the act (70 P.S. § 1-203(j)), the exemption is available only if: (1) The entire bond or other evidence of indebtedness, together with the real or chattel mortgage, deed of trust, agreement of sale or other instrument…

§ 203.141. Sales to existing equity securityholders. (a) The exemption contained in section 203(n) of the act (70 P.S. § 1-203(n)) is only available for the offer and sale of equity securities when all of the following exist: (1) The offer is made to existing equity securityholde…

§ 203.151. Proxy materials. (a) Except as provided in subsection (b), in a transaction requiring the filing of proxy materials with the Department for review under section 203(o) of the act (70 P.S. § 1-203(o)), the materials must conform to Rule 14A, 17 CFR 240.14a-1—240.14b-2 (…

§ 203.161. Debt securities of nonprofit organizations. (a) A person proposing to offer debt securities under section 203(p) of the act (70 P.S. § 1-203(p)) shall: (1) Complete and file with the Department two copies of Form 203-P in accordance with the General Instructions. (2) F…

§ 203.183. Agricultural cooperative associations. Under the authority contained in section 203(r) of the act (70 P.S. § 1-203(r)), the Department finds that it is not in the public interest or necessary for the protection of investors to require the registration under section 201…

§ 203.184. Offers and sales to principals. (a) Under the authority contained in section 203(r) of the act (70 P.S. § 1-203(r)), the Department finds that it is not in the public interest or necessary for the protection of investors to require the registration under section 201 of…

§ 203.185. Offers before effectiveness of registration by qualification exempt. (a) Under section 203(r) of the act (70 P.S. § 1-203(r)), the Department finds that it is not in the public interest or necessary for the protection of investors to require the registration under sect…