Wis. Admin. Code Department of Financial Institutions DFI-SL 17.01

Current through August 26, 2024

Section DFI-SL 17.01 - Definitions

In this chapter:

(1) "Account" means the trust, estate or other fiduciary relationship which has been established with an association.

(2) "Custodian under a uniform gifts to minors act" means an account established under ss. 54.854 to 54.894, Stats., or a substantially similar law of another state, and with respect to which the association operating the account has established to the satisfaction of the division that it has duties and responsibilities similar to the duties and responsibilities of a trustee or guardian.

(3) "Fiduciary" means an association undertaking to act alone, through an affiliate, or jointly with others primarily for the benefit of another in all matters connected with its undertaking and includes but is not limited to trustee, executor, administrator, personal representative, guardian, receiver, managing agent, registrar of stocks and bonds, escrow agent, transfer agent, paying agent, trustee of employee pension, welfare and profit-sharing trusts, or any other similar capacity.

(4) "Fiduciary records" means all matters which are written, transcribed, recorded, received or otherwise come into the possession of an association and are necessary to preserve information concerning the actions and events relevant to the fiduciary activities of an association.

(5) "Guardian" means the guardian, conservator, or committee by whatever name employed by local law of the estate of an infant, an incompetent individual, an absent individual, or a competent individual over whose estate a court has taken jurisdiction, other than under bankruptcy or insolvency laws. "Guardian" includes, but is not limited to, a guardian or conservator appointed by a court under ch. 54, Stats.

(6) "Investment authority" means the responsibility conferred by action of law or a provision of an appropriate governing instrument to make, select or change investments, to review investment decisions made by others, or to provide investment advice or counsel to others.

(7) "Local law" means the law of the state or other jurisdiction governing the fiduciary relationship.

(8) "Managing agent" means the fiduciary relationship assumed by an association upon the creation of an account which names the association as agent and confers investment discretion upon the association.

(9) "Plan" means a plan adopted under s. DFI-SL 17.14.

(10) "State chartered corporate fiduciary" means any state bank, trust company, or other corporation which comes into competition with associations and is permitted to act in a fiduciary capacity under the laws of this state.

(11) "Trust department" means that group of officers and employees of an association or of an affiliate of an association to whom are assigned the performance of fiduciary services by the association.

(12) "Trust powers" means the power to act in any fiduciary capacity.

Wis. Admin. Code Department of Financial Institutions DFI-SL 17.01

CR Register, June, 1989, No. 402, eff. 7-1-89; corrections in (2) and (5) made under s. 13.92(4) (b) 1, Stats., Register December 2012 No. 684.

This section parallels 12 CFR 550.1