State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-326

§ 53‑326.  Examinations;periodic reports; cooperative agreements; assessment of fees.

(a)        The Commissionermay examine any activity conducted through a trust office or representativetrust office maintained in this State by a foreign trust institution to determinewhether these activities are being conducted in compliance with the laws ofthis State and in accordance with safe and sound practices. The pertinentprovisions of Part 4 of this Article shall apply to these examinations.

(b)        The Commissionermay require periodic reports regarding any foreign trust institution thatmaintains a trust office or representative trust office in this State. Therequired reports shall be provided in the English language by the trustinstitution or by its home country regulator. The reporting requirements shallbe those the Commissioner considers appropriate for the purpose of enabling theCommissioner to carry out the Commissioner's responsibilities under theprovisions of this Article for prudential reasons consistent with anyapplicable international agreements to which the United States is a party. Thepertinent provisions of Part 4 of this Article shall apply to these reports.

(c)        The Commissionermay enter into cooperative, coordinating, and information‑sharing agreementswith bank supervisory agencies supervising foreign trust institutions,including agreements arranged by an organization composed of, affiliated with,or representing one or more bank supervisory agencies, with respect to theperiodic supervision and examination of any trust office or representativetrust office of a foreign trust institution in this State, or any trust officeor representative trust office of a State trust institution engaged in trustbusiness or trust marketing in a foreign country. The Commissioner may acceptand rely upon a report of examination and report of investigation of a banksupervisory agency in lieu of conducting a separate examination orinvestigation of a foreign trust institution.

(d)        The Commissionermay enter into agreements with bank supervisory agencies supervising (i) aState trust institution engaging in trust business in a foreign country or (ii)a foreign trust institution maintaining a trust office or representative trustoffice in this State to engage the services of the bank supervisory agency'sexaminers at a reasonable rate of compensation or to provide the services ofthe Commissioner's examiners to the bank supervisory agency at a reasonablerate of compensation. Article 3 of Chapter 143 of the General Statutes does notapply to agreements authorized by this section.

(e)        The Commissionermay enter into joint examinations or joint enforcement actions with banksupervisory agencies supervising any trust office or representative trustoffice maintained in this State by a foreign trust institution or any trustoffice or representative trust office maintained by a State trust institutionin any foreign country; provided, that the Commissioner may at any time takeactions independently if the Commissioner considers the actions to be necessaryor appropriate to carry out the Commissioner's responsibilities under theprovisions of this Article or to ensure compliance with the laws of this State.

(f)         Each foreign trustinstitution that maintains one or more trust offices or representative trustoffices in this State may be assessed and, if assessed, shall pay supervisoryand examination fees as provided by rules of the Commissioner. The fees may beshared with bank supervisory agencies or with any organization composed of,affiliated with, or representing one or more bank supervisory agencies, asagreed between the bank supervisory agencies and organizations and theCommissioner. (2001‑263,s. 1; 2005‑269, s. 16.)