2002 Florida Code
TITLE XXXVIII BANKS AND BANKING
Chapter 660 TRUST BUSINESS  
660.417   Investment of fiduciary funds into mutual fund accounts; permissible activity under certain circumstances.

660.417  Investment of fiduciary funds into mutual fund accounts; permissible activity under certain circumstances.--

(1)  In addition to other investments authorized by law for the investment of funds held by a fiduciary, or by the instrument governing the fiduciary relationship, and notwithstanding any other provision of law, a bank or trust company acting as a fiduciary, agent or otherwise may, in the exercise of its investment discretion or at the direction of another person authorized to direct investment of funds held by the bank as fiduciary, invest and reinvest in the securities of an open-end or closed-end management investment company or investment trust registered under the Investment Company Act of 1940, 15 U.S.C. ss. 80a-1 et seq., as amended, so long as the portfolio of such investment company or investment trust consists substantially of investments not prohibited by the governing instrument.

(2)  The fact that such bank or trust company or an affiliate of the bank or trust company provides services to the investment company or investment trust such as that of an investment adviser, custodian, transfer agent, registrar, sponsor, distributor, manager or otherwise and is receiving reasonable compensation for those services, shall not preclude such bank or trust company from investing or reinvesting in the securities of the open-end or closed-end management investment trust registered under the Investment Company Act of 1940, 15 U.S.C. ss. 80a-1 et seq., as amended. However, with respect to any funds so invested, the basis (expressed as a percentage of asset value or otherwise) upon which such compensation is calculated shall be disclosed (by prospectus, account statement or otherwise) to all persons to whom statements of such account are rendered.

History.--s. 147, ch. 92-303.