N.Y. Comp. Codes R. & Regs. tit. 3 § 22.15

Current through Register Vol. 46, No. 51, December 18, 2024

Section 22.15 - Examination of common trust fund

The superintendent shall cause an examination to be made of the investments held by a trust company for a common trust fund as of the close of the period covered by an account of proceedings, and on or before the return date of the citation or notice, shall certify in writing to the court in which the accounting proceeding is pending whether the investments reported in such account as of the closing date of such account were in the custody of the trust company at such date. Where securities of a common trust fund have been deposited:

(a) with a clearing corporation pursuant to E PTL 11-1.9; (b) with a Federal reserve bank pursuant to E PTL 11-1.8; or (c) with a securities depository, clearing agency, or bank, whether or not subject to the laws of a jurisdiction other than the United States of America, or any state or subdivision thereof, the superintendent may rely on such an examination upon the written certification of such clearing corporation, Federal reserve bank, securities depository, clearing agency or bank that such securities were so deposited by such trust company with such clearing corporation, Federal reserve bank, securities depository, clearing agency or bank for the account of such trust company. Where securities of a common trust fund have been deposited through a subcustodian with a clearing corporation pursuant to E PTL 11-1.9 or with a Federal reserve bank pursuant to E PTL 11-1.8, the superintendent may rely in such examination upon the written certification of such subcustodian that such securities were deposited by such trust company with such subcustodian and were in turn deposited by such trust company with such subcustodian and were in turn deposited by such subcustodian with such clearing corporation or Federal reserve bank. The trust company shall pay to the superintendent his reasonable expenses incurred in making such examination and certification, and such payment shall be a charge against the principal of such common trust fund.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 22.15