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The Florida Statutes

The 2018 Florida Statutes

Title XXXVIII
BANKS AND BANKING
Chapter 663
INTERNATIONAL BANKING
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F.S. 663.531
663.531 Permissible activities; prohibited activities.
(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 the following permissible activities, which are not meant to be restrictive unless an activity is prohibited under subsection (2):
(a) Marketing and liaison services related to or for the benefit of the affiliated international trust entities, directed exclusively at professionals and current or prospective nonresident clients of an affiliated international trust entity;
(b) Advertising and marketing at trade, industry, or professional events;
(c) Transmission of documents between the international trust entity and its current or prospective clients or a designee of such clients; and
(d) Transmission of information about the trust or trust holdings of current clients between current clients or their designees and the international trust entity.
(2) A qualified limited service affiliate may not engage in any of the following activities:
(a) Advertising and marketing related to or for the benefit of the international trust entity which are directed to the general public;
(b) Acting as a fiduciary, including, but 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;
(c) Accepting custody of any trust property or any other good, asset, or thing of value on behalf of the affiliated international trust entity, its subsidiaries or affiliates, or subsidiaries and affiliates of the qualified limited service affiliate;
(d) Soliciting business within this state from the general public related to or for the benefit of an affiliated international trust entity;
(e) Adding a director, an executive officer, a principal shareholder, a manager, a managing member, or an equivalent position to the qualified limited service affiliate without prior written notification to the office;
(f) Commencing services for an international trust entity without complying with the requirements of s. 663.532;
(g) Providing services for any international trust entity that is in bankruptcy, conservatorship, receivership, liquidation, or a similar status under the laws of any country; or
(h) Otherwise conducting banking or trust business.
(3) The provisions of subsection (2) are not deemed to prevent the qualified limited service affiliate’s use of an international trust entity’s website, or its own website, if the posted information or communication includes the following:
(a) The following statement: “Certain described services are not offered to the general public in Florida, but are marketed by   (insert name of qualified limited service affiliate)   exclusively to professionals and current or prospective non-U.S. resident clients of the affiliated international trust entity or entities.”
(b) The notice required by s. 663.535.
(4) In addition to any other power conferred upon it to enforce and administer this chapter and the financial institutions codes, the office may impose any remedy or penalty pursuant to s. 655.033, relating to cease and desist orders; s. 655.034, relating to injunctions; s. 655.037, relating to removal of a financial institution-affiliated party by the office; or s. 655.041, relating to administrative fines and enforcement, if a qualified limited service affiliate engages in any of the impermissible activities in subsection (2).
History.s. 40, ch. 2017-83.