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Resources for bankers

Asset Management: General References

Asset Management (Comptroller’s Handbook, December 2000)
Provides an overview of the asset management business, its risks, and sound risk management processes

Bank Supervision Process Handbook (Appendix C: Uniform Interagency Trust Rating System)

Legislative References

Fiduciary Activities of National Banks (12 CFR 9)
Provides policies and procedures covering all aspects of fiduciary activities of national banks

Fiduciary Activities of National Banks: Rules of Practice and Procedure (Federal Register, Vol. 61, No. 251, December 1996)
Describes the OCC's revision of 12 CFR 9 pursuant to 12 USC 92a and the Regulation Review Program

Transfer Agent Activities (17 CFR 240)
Covers transfer agent registration and withdrawal procedures, annual reporting requirements, and other transfer agent activities

Trust Powers (12 USC 92a)
Covers OCC authority, asset segregation, recordkeeping, access to records by state banking authorities, prohibited operations, and other trust powers topics

BC=Banking Circular
IL=Interpretive Letter

Authority of a National Bank Trust Company to Sponsor a Closed-end Fund and Investment in Fund Shares under 12 CFR 1.3(h)(2) (IL 1047, December 2005)
Addresses a trust company’s exemption from registration under the Investment Company Act of 1940

Authority to Hedge Investment Advisory Fees (IL 1037, August 2005)
Covers using cash-settled derivatives tied to the S&P 500 to hedge market risk related to fees from investment advisory activity

Creation of a Trust to Hold Investments (IL 1031, January 1995)
Addresses a bank’s creation of a “rabbi trust” for certain bank employees

Federal Trust Powers of a National Bank (IL 973, August 2003)
Addresses the authority of a bank in one state to serve as indenture trustee for municipal bonds issued in another state

Fiduciary Activities in Other States (IL 1106, October 2008)
Addresses the authority of a bank in one state to conduct fiduciary activities in other states

Fiduciary Activities in the State of North Carolina (IL 1103, September 2008)
Addresses the authority of a bank to conduct fiduciary activities in North Carolina without qualifying under state law

Fiduciary Activities of National Banks, Questions and Answers (OCC)
Provides definitions and answers to commonly asked questions regarding fiduciary activities of national banks

Fiduciary Powers in Missouri (IL 1080, April 2007)
Addresses the authority of a bank to conduct fiduciary activities in Missouri without qualifying under state law

Indenture Trustee Pre-emption Issue (IL 1016, January 2005)
Addresses preemption of certain state laws in connection with claims and defenses asserted by parties to a court case

Insurance Subsidiaries & Risk Management Services (IL 967, June 2003)
Addresses a bank’s requirement to file notice should its insurance agency financial subsidiaries provide risk management services

Interest on NOW Accounts in Pennsylvania (IL 1017, January 2005)
Covers establishment of NOW accounts for qualified trust funds deposited under the Minor Judiciary-Interest on Trust Account Program

International Payment Systems Risk (BC 235, May 1989)
Alerts national banks to risks associated with large dollar payments systems, particularly within the international sector

Multistate Fiduciary Activities (IL 995, July 2004)
Addresses a bank’s request to implement a national fiduciary program including states in which it has no branches

Supervision of National Trust Banks: Revised Guidance, Capital and Liquidity (OCC 2007-21, June 2007)
Rescinds OCC 2000-26 to clarify responsibilities of a national trust bank’s management and board

OCC Supervision of Operating Subsidiaries (IL 971, January 2003)
Addresses questions regarding how the OCC supervises operating subsidiaries of national banks

Waiver of Beneficial Owner Reporting under 12 CFR 12 (IL 1011, October 2004)
Addresses request for a waiver from quarterly beneficial ownership reporting requirements of 12 CFR 12.8