Ga. Comp. R. & Regs. R. 80-13-1-.01 - Definitions

(1) As used in Chapters 80-13-1, the terms that are defined in O.C.G.A. § 7-1-4 shall have the identical meaning.

(2) As used in Chapters 80-13-1, the below terms shall be defined as follows unless the term is otherwise defined in a specific rule:

(a) "External auditor" means an outside compensated, Certified Public Accountant (CPA) that is independent or works for an entity that is independent of the institution being audited.

(b) "Fiduciary account" means an account administered by a trust company when it is acting in a fiduciary capacity including, but not limited to, a trustee, executor, administrator, registrar of stocks and bonds, transfer agent, guardian, receiver, custodian under a uniform gifts to minor act, investment advisor if the trust company receives a fee for the investment advice, any capacity in which the trust company possess investment discretion on behalf of another, or any other similar capacity designated as such by the Department.

(c) "Independent" means an auditor must be personally and financially independent from the trust company's employees, members of the board of directors, and members of their immediate families.

(d) "Investment discretion" means, with respect to an account, the sole or shared authority (whether or not that authority is exercised) to determine what securities or other assets to purchase or sell on behalf of the account.

(e) "Service Contract" shall mean a contract executed by a trust company and a third party service provider to provide financial services, whether direct or indirect, to the trust company.

(f) "Third party service provider" shall mean any provider of financial services to a trust company as authorized by O.C.G.A. § 7-1-72.

Notes

Ga. Comp. R. & Regs. R. 80-13-1-.01

O.C.G.A. § 7-1-61.

Original Rule entitled "Definitions" adopted. F. June 29, 2017; eff. July 19, 2017. Amended: F. July 7, 2023; eff. July 27, 2023. Note: Rule 80-13-1-.01, correction of administrative error, incorrect version of the Rule was inadvertently posted and appeared on the Rules and Regulations website, entitled "Administrative Fines", July 2023 through March 2024. The correct Rule, entitled "Definitions", was updated on the Rules and Regulations website March 2024, and the original filed and effective date (i.e., F. July 7, 2023; eff. July 27, 2023) retained. Effective March 5, 2024.