CS/CS/HB 435 Summary

• Establishes comprehensive regulatory framework for international trust entities and qualified limited service affiliates operating in Florida, creating new licensing requirements and supervisory standards.

• Redefines "financial institution" to include international trust entities and qualified limited service affiliates; requires confidentiality of trust account records with limited exceptions for home-country supervisors.

• Creates abbreviated application procedures for international banking corporations and trust entities that have operated safely for 3+ years; establishes capital requirements ($20 million minimum for banking entities, $1 million for trust entities).

• Provides after-the-fact licensure process for acquisitions, mergers, or consolidations of international banking corporations and trust entities to allow continued operations under specified conditions.

• Establishes "qualified limited service affiliate" qualification system for entities providing marketing and liaison services to nonresidents; requires biennial renewal, compliance certifications, and prohibits fiduciary activities and general public solicitation.

• Effective January 1, 2018, with qualification deadline of March 31, 2018 for entities previously operating under moratorium provisions.