Kan. Admin. Regs. § 40-13-10 - Ownership of securities held in trust
(a) Beneficial
ownership of a security, for the purpose of
K.S.A.
40-264, shall include:
(1) The ownership of securities as a trustee
where either the trustee or members of the immediate family have a vested
interest in the income or corpus of the trust;
(2) the ownership of a vested beneficial
interest in a trust; and
(3) the
ownership of securities as a settlor of a trust in which the settlor has the
power to revoke the trust without obtaining the consent of all the
beneficiaries.
(b)
Beneficial ownership of a security, for the purpose of
K.S.A.
40-264, shall not include:
(1) Beneficial ownership of securities solely
as a settlor or beneficiary of a trust if less than 10 percent in market value
of the securities having a readily ascertainable value held by the trust at the
end of the preceding fiscal year of the trust consists of equity securities;
and
(2) an obligation which would
otherwise be imposed solely by reason of ownership as settlor or beneficiary of
securities held in trust where the ownership, acquisition, or disposition of
securities by the trust is made without prior approval by the settlor or
beneficiary. An exemption under this subsection shall not be acquired or lost
solely as a result of changes in the value of the trust assets during any
fiscal year or during any time when there is no transaction by the trust in the
securities otherwise subject to the reporting requirements of
K.S.A.
40-264.
(c) In the event any class of any equity
security of an insurer is held in a trust, the trust and the trustees shall
file the reports specified in
K.S.A.
40-264.
(d) One report shall be filed to report any
holdings or any transaction in securities held by a trust, regardless of the
number of officers, directors or 10 percent stockholders who are either
trustees, settlors, or beneficiaries of a trust. The report shall disclose the
names of each trustee, settlor, and beneficiary who is an officer, director or
10 percent stockholder. A person having an interest only as a beneficiary of a
trust shall not be required to file a report so long as the person shall rely
in good faith upon an understanding that the trustee of the trust shall file
whatever reports may be required of the beneficiary.
(e) As used in this section the "immediate
family" of a trustee means:
(1) A son or
daughter of the trustee, or a descendant of either;
(2) a stepson or stepdaughter of the trustee;
(3) the father or mother of the
trustee, or an ancestor of either;
(4) a stepfather or stepmother of the
trustee; and
(5) a spouse of the
trustee.
(f) A legally
adopted child shall qualify the determination of the "immediate family"
relationship.
(g) In determining,
for the purposes of
K.S.A.
40-264, whether a person is the beneficial
owner, directly or indirectly, of more than 10 percent of any class of any
equity security, the interest of the person in the remainder of trust shall be
excluded from the computation.
(h)
A report shall not be required by any person whether or not otherwise subject
to the requirement of filing reports under
K.S.A.
40-264, with respect to the indirect interest
in portfolio securities held by:
(1) A
pension or retirement plan holding securities of an insurer whose employees
generally are the beneficiaries of the plan,
(2) a business trust with over 25
beneficiaries.
(i) This
section shall not impose any duties or liabilities with respect to reporting
any transaction or holding prior to its effective date.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.