OCC Proposes Rules on Multi-State Fiduciary Activities
The OCC issued a proposal to codify and clarify its rulings on national bank multi-state trust operations (the "Codification"), and concurrently issued an advance notice of proposed rulemaking inquiring as to whether it should develop uniform national standards to govern the administration of private trusts and investment of private trust property (the "Uniform Standard").
Codification of Interpretations
. As to the Codification, the proposal defines a trust office as an office at which a bank "acts in a fiduciary capacity" for purposes of 12 USC Section 92a ("Section 92a") by performing "core" fiduciary functions such as executing documents, opening accounts and making investment or distribution decisions. The proposal separately defines a trust representative office (a "TRO") as an office where a bank conducts no core fiduciary activities, but rather only performs ancillary services, such as marketing, answering
