Standards for becoming an independent trustee or other fiduciary.

CFR · 2024-01-01 · US · Title 5

(a) (1) A bank, as defined in 12 U.S.C. 1841(c); or (2) An investment adviser, as defined in 15 U.S.C. 80b-2(a)(11). (b) (c) (1) The entity is independent of and unassociated with any interested party so that it cannot be controlled or influenced in the administration of the trust by any interested party; (2) The entity is not and has not been affiliated with any interested party, and is not a partner of, or involved in any joint venture or other investment or business with, any interested party; and (3) Any director, officer, or employee of such entity: (i) Is independent of and unassociated with any interested party so that such director, officer, or employee cannot be controlled or influenced in the administration of the trust by any interested party; (ii) Is not and has not been employed by any interested party, not served as a director, officer, or employee of any organization affiliated with any interested party, and is not and has not (iii) Is not a relative of any interested party. (d) (1) A letter describing its past and current contacts, including banking and client relationships, with the interested party, spouse, or minor or dependent child; and (2) A Certificate of Independence, which follows the model Certificate of Independence prepared by the Office of Government Ethics. Any variation from the model document must be approved by the Director. (e) (f) (g) (h) (1) When any interested party or any representative of an interested party learns about such employment

official document · source cfr-2024 · id 5:§ 2634.405