Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-130 - INTERNATIONAL TRUST COMPANY REPRESENTATIVE OFFICES › Section 69U-130.109 - Interim Operational Plan

Current through Reg. 50, No. 138; July 16, 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.