Chapter DFI-Bkg 15

Chapter DFI-Bkg 15

FIDUCIARY OPERATIONS

DFI-Bkg 15.01   Registration, filing date and location.

DFI-Bkg 15.02   Registration, contents.

DFI-Bkg 15.03   Segregation of assets.

DFI-Bkg 15.04   Indemnity fund.

Ch. DFI-Bkg 15 Note Note: Chapter Bkg 15 was renumbered Chapter DFI-Bkg 15 under s. 13.93 (2m) (b) 1., Stats., and corrections made under s. 13.93 (2m) (b) 6. and 7., Stats., Register, June, 1997, No. 498, eff. 7-1-97.

DFI-Bkg 15.01 DFI-Bkg 15.01 Registration, filing date and location. Each organization engaged in, or which intends to engage in, fiduciary operations as defined in s. 223.105, Stats., shall notify the administrator of the division of banking then exercising regulatory authority over such organizations as specified in s. 223.105 (4), Stats., or, if none, the administrator of the division of banking of its fiduciary activities or of its intentions to engage in such activities. Organizations engaged in such activities on or before the effective date of this rule shall file such notice with the appropriate administrator of the division of banking within 120 days of September 1, 1977 and annually thereafter. Organizations which intend to engage in such activities after September 1, 1977 shall file such notice with the appropriate administrator of the division of banking prior to engaging in such operations and shall file a notice of its continuing activities annually thereafter.

DFI-Bkg 15.01 History History: Cr. Register, August, 1977, No. 260, eff. 9-1-77; correction made under s. 13.93 (2m) (b) 14., Stats., Register, December, 1991, No. 432.

DFI-Bkg 15.02 DFI-Bkg 15.02 Registration, contents. Such notice shall be filed on a form provided by the administrator of the division of banking and shall include:

DFI-Bkg 15.02(1) (1) The business name, address, and telephone number of the principal place of business of the organization, wherever located, together with the name and title of the chief executive officer or managing partner and the person in charge of fiduciary activities.

DFI-Bkg 15.02(2) (2) The business name, address, and telephone number of any business location of the organization in Wisconsin, other than the principal place of business, at which fiduciary activities are conducted, together with the name and title of each person in charge of fiduciary activities at each location.

DFI-Bkg 15.02(3) (3) A description of each type of fiduciary operation engaged in or in which the organization intends to engage including but not limited to,

DFI-Bkg 15.02(3)(a) (a) Personal representative of estates;

DFI-Bkg 15.02(3)(b) (b) Trustee of inter vivos or testamentary trusts;

DFI-Bkg 15.02(3)(c) (c) Guardian of estates of minors or incompetents;

DFI-Bkg 15.02(3)(d) (d) Custodian of individual retirement funds;

DFI-Bkg 15.02(3)(e) (e) Trustee of pension plans, profit sharing plans, retirement plans or other employe benefit plans.

DFI-Bkg 15.02(5) (5) If the organization intends to engage in fiduciary activities, the date on which it intends to commence such activities in Wisconsin.

DFI-Bkg 15.02 History History: Cr. Register, August, 1977, No. 260, eff. 9-1-77; CR 23-039: r. (4) Register March 2024 No. 819, eff. 4-1-24.

DFI-Bkg 15.03 DFI-Bkg 15.03 Segregation of assets. Organizations engaging in fiduciary operations shall to the extent required by the administrator of the division of banking segregate all assets held in any fiduciary capacity from the general assets of the organization and shall keep a separate set of books and records showing in proper detail all transactions involving property held in a fiduciary capacity.

DFI-Bkg 15.03 History History: Cr. Register, August, 1977, No. 260, eff. 9-1-77.

DFI-Bkg 15.04 DFI-Bkg 15.04 Indemnity fund. Each organization engaged in fiduciary operations shall deposit with the state treasurer not less than 50% of the book value of the assets held by the organization in a fiduciary capacity but not more than $100,000 in cash, or securities eligible for trust investments under ch. 881, Stats., to be held in trust as security for the faithful execution of any fiduciary duties lawfully imposed upon and accepted by the organization.

DFI-Bkg 15.04 History History: Cr. Register, August, 1977, No. 260, eff. 9-1-77.