(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 the proposed qualified limited service affiliate will conduct business in this state.
(b) A copy of the articles of incorporation or articles of organization, or the equivalent, of the proposed qualified limited service affiliate.
(c) The physical address where the proposed qualified limited service affiliate will conduct business.
(d) The mailing address of the proposed qualified limited service affiliate.
(e) The name and biographical information of each director, executive officer, manager, managing member, or equivalent position of the proposed qualified limited service affiliate, to be submitted on a form prescribed by the commission.
(f) The number of officers and employees of the proposed qualified limited service affiliate.
(g) A detailed list and description of the activities to be conducted by the proposed qualified limited service affiliate. The detailed list and description must include:1. The services and activities of the proposed qualified limited service affiliate;
2. An explanation of how the services and activities of the proposed qualified limited service affiliate serve the business purpose of each international trust entity; and
3. An explanation of how the services and activities of the proposed qualified limited service affiliate are distinguishable from those of the permissible activities of an international trust company representative office described under s. 663.409. (h) Disclosure of any instance occurring within the prior 10 years when the proposed qualified limited service affiliate’s director, executive officer, principal shareholder, manager, managing member, or equivalent position was:1. Arrested for, charged with, or convicted of, or pled guilty or nolo contendere to, regardless of adjudication, any offense that is punishable by imprisonment for a term exceeding 1 year, or to any offense that involves money laundering, currency transaction reporting, tax evasion, facilitating or furthering terrorism, fraud, theft, larceny, embezzlement, fraudulent conversion, misappropriation of property, dishonesty, breach of trust, breach of fiduciary duty, or moral turpitude, or that is otherwise related to the operation of a financial institution;
2. Fined or sanctioned as a result of a complaint to the office or any other state or federal regulatory agency; or
3. Ordered to pay a fine or penalty in a proceeding initiated by a federal, state, foreign, or local law enforcement agency or an international agency related to money laundering, currency transaction reporting, tax evasion, facilitating or furthering terrorism, fraud, theft, larceny, embezzlement, fraudulent conversion, misappropriation of property, dishonesty, breach of trust, breach of fiduciary duty, or moral turpitude, or that is otherwise related to the operation of a financial institution.
(i) A declaration under penalty of perjury signed by the executive officer, manager, or managing member of the proposed qualified limited service affiliate that, to the best of his or her knowledge:1. No employee, representative, or agent provides, or will provide, banking services; promotes or sells, or will promote or sell, investments; or accepts, or will accept, custody of assets.
2. No employee, representative, or agent acts, or will act, as a fiduciary in this state, which includes, but is not limited to, accepting the fiduciary appointment, executing the fiduciary documents that create the fiduciary relationship, or making discretionary decisions regarding the investment or distribution of fiduciary accounts.
3. The jurisdiction of the international trust entity or its offices, subsidiaries, or any affiliates that are directly involved in or facilitate the financial services functions, banking, or fiduciary activities of the international trust entity is not listed on the Financial Action Task Force’s list of High-Risk Jurisdictions subject to a Call for Action or list of Jurisdictions under Increased Monitoring.
(j) For each international trust entity that the proposed qualified limited service affiliate will provide services for in this state, the following:1. The name of the international trust entity;
2. A list of the current officers and directors of the international trust entity;
3. Any country where the international trust entity is organized or authorized to do business;
4. The name of the home-country regulator;
5. Proof that the international trust entity has been authorized by charter, license, or similar authorization by its home-country regulator to engage in trust business;
6. Proof that the international trust entity lawfully exists and is in good standing under the laws of the jurisdiction where it is chartered, licensed, or organized;
7. A statement that the international trust entity is not in bankruptcy, conservatorship, receivership, liquidation, or in a similar status under the laws of any country;
8. Proof that the international trust entity is not operating under the direct control of the government or the regulatory or supervisory authority of the jurisdiction of its incorporation, through government intervention or any other extraordinary actions, and confirmation that it has not been in such a status or under such control at any time within the prior 3 years;
9. Proof and confirmation that the proposed qualified limited service affiliate is affiliated with the international trust entities provided in the notice; and
10. Proof that the jurisdictions where the international trust entity or its offices, subsidiaries, or any affiliates that are directly involved in or that facilitate the financial services functions, banking, or fiduciary activities of the international trust entity are not listed on the Financial Action Task Force’s list of High-Risk Jurisdictions subject to a Call for Action or list of Jurisdictions under Increased Monitoring.
(k) A declaration under penalty of perjury, signed by an executive officer, manager, or managing member of each affiliated international trust entity, declaring that the information provided to the office is true and correct to the best of his or her knowledge.
The proposed qualified limited service affiliate may provide additional information in the form of exhibits when attempting to satisfy any of the qualification requirements. All information that the proposed qualified limited service affiliate desires to present to support the written notice must be submitted with the notice.
