10 Va. Admin. Code § 5-22-40 - Reports of condition; annual audits

Current through Register Vol.. 38, No. 17, April 11, 2022

Trust companies and trust company holding companies shall submit to the bureau statements of their financial condition at such times as the bureau may require. Such statements shall be made in accordance with forms prescribed by the bureau, certified under oath, and attested by at least three directors. The bureau shall call upon all such trust companies and trust company holding companies doing business in Virginia to file these statements. The bureau may require any trust company or trust company holding company to prepare and submit such other reports and material as the bureau deems necessary to protect or promote the public interest.

The board of directors of a trust company shall cause to be made an annual audit of the trust company. The audit shall be performed by a qualified, independent auditor. A separate report, containing a management letter, shall be required and submitted to the bureau in a timely manner.


10 Va. Admin. Code § 5-22-40
Derived from VR225-01-0205 § 4, eff. April 20, 1995.

Statutory Authority

§ 6.2-1034 of the Code of Virginia.

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