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Can you summarize 17 KSAR Article 23?
Office of the State Bank Commissioner > Trust Supervision
Short Summary
These legal documents, part of the Kansas Administrative Regulations under the Office of the State Bank Commissioner’s Trust Supervision, cover various aspects related to banks and trust companies. The first document requires these entities to maintain records of securities transactions for at least three years and provide customers with notifications regarding the transactions. The second document specifies the time and content requirements for securities transaction notifications. The third document pertains to the location of trust documents, requiring banks and trust companies to maintain original governing instruments at approved sites and make them available for examination purposes. The fourth document outlines record-keeping requirements for securities transactions, including daily records, account records, and separate memoranda or order tickets. The fifth document addresses the surrender of fiduciary powers by banks or trust companies. The sixth document governs the collective investment of funds held by banks and trust companies, including common trust funds and funds consisting of assets of exempt trusts. The seventh document regulates the investment activities of banks and trust companies with investment discretion over fiduciary accounts, prohibiting certain investments and transactions unless authorized. The eighth document pertains to the handling of funds held in a fiduciary capacity, requiring written policies and procedures for obtaining a prudent rate of return and allowing deposits in the bank’s commercial or savings departments. The ninth document requires thorough examinations of fiduciary records by the board of directors or an audit committee. The tenth document governs brokerage placement practices, requiring written policies and procedures to ensure compliance with applicable laws and regulations. The eleventh document provides definitions for terms used in trust supervision. These documents apply to banks, trust companies, brokers, dealers, customers, fiduciaries, conservators, custodians, and trust committees involved in various aspects of trust supervision. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Banks, trust companies, brokers, dealers, customers, fiduciaries, conservators, custodians, trust committees
What does it govern?
Securities transactions for customers, location of trust documents, collective investment of funds, investment activities with investment discretion, handling of funds awaiting investment or distribution, retention of fiduciary records, brokerage placement practices, definitions of terms related to trust supervision
What are exemptions?
Exemptions to the requirements for securities transactions notifications are provided in K.A.R. 17-23-14. No specific exemptions are mentioned for other aspects.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Kansas