State branch or agency: Engaging in fiduciary activities.
1. No foreign bank which is licensed to establish and maintain a state branch or agency may engage in fiduciary activities at that office unless the foreign bank first obtains a certificate of authority from the Commissioner to engage in fiduciary activities there.
2. An application to obtain a certificate of authority to engage in fiduciary activities must be in such form and contain such information as the Commissioner may require and must be accompanied by a fee in the amount of $500. The Commissioner shall issue a certificate of authority to engage in fiduciary activities to a foreign bank making an application under this section if he finds that the foreign bank will exercise fiduciary powers in accordance with the laws and regulations of this state.
3. A foreign bank which holds a certificate of authority issued pursuant to this section may engage at its state branch or agency in fiduciary activities to the same extent and in the same manner as if the foreign bank were a Nevada bank.
4. A foreign bank which holds a certificate of authority issued pursuant to this section shall file reports and be subject to examination and supervision to the same extent and in the same manner as if the foreign bank were a Nevada bank.
5. The Commissioner may suspend or revoke a certificate to engage in fiduciary activities issued pursuant to this section if he finds that:
(a) Conditions exist which would authorize him to revoke or suspend the foreign bank’s license to establish and maintain a state branch or agency; or
(b) Any fact or condition exists which, if it had existed at the time of the foreign bank’s original application to obtain a certificate of authority to engage in fiduciary activities, would have resulted in his refusing to issue the certificate of authority.
Last modified: February 26, 2006