Section R331-21-3 - Establishment of Collective Investment Funds(1) Any trust company authorized to engage in the trust business in Utah may: (a) Establish collective investment funds that authorize participation by fiduciary or trust accounts of the trust company, its affiliates or both; and(b) Participate in collective investment funds established by an affiliate of the trust company, if:(i) The affiliate is authorized under the laws of its chartering authority to establish a collective investment fund in which its affiliates may participate; and(ii) The plan establishing the collective investment funds specifically authorize a participation by the trust company.(2) The common trust funds held by a trust company or its affiliate must be maintained exclusively for collective investment and reinvestment.(3) The plan establishing the collective investment fund must be approved by the trust company's board of directors and filed with the commissioner. A copy of the plan shall be available at the principal office of the trust company for public inspection during business hours and upon request a copy of the plan shall be furnished to any person who has a direct or indirect legal interest in such plan.(4) No trust company shall have any non-fiduciary interest in a collective investment fund. This limitation includes lending money to a fund, selling property to a fund, and purchasing property from a fund.(5) The trust company shall maintain adequate accounting records of the collective investment fund for periodic review by the department and federal regulatory agencies.Utah Admin. Code R331-21-3