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Fiduciaries (Prudent Investor Election) - Financial Regulation

Last reviewed/updated: 12/29/2022

Certain fiduciaries may file a Prudent Investor Election Statement (“Statement”) with the Office of Financial Regulation (“OFR”), electing Md. Code Ann., Estates and Trust Article §15-114 to apply to all fiduciary assets controlled by that person.

A Statement in the form of a signed letter may be submitted as a PDF attachment by email to noting “Non-Depository Operations Unit – Prudent Investor Election Statement” in the subject line. A Statement may also be submitted by mail to the Office of Financial Regulation, Attn: Non-Depository Operations Unit, 1100 N. Eutaw Street, Suite 611, Baltimore, Maryland 21201.

In addition to the affirmative election of Md. Code Ann., Estates and Trust Article §15-114, the Statement should include, as applicable, (1) the name of the institution or firm; (2) the fiduciary’s name; and (3) appropriate contact information. The OFR recommends that the Statement and any correspondence or attachments submitted therewith not include confidential or other sensitive information unless required to comply with applicable laws and/or regulations or otherwise deemed appropriate by the fiduciary filing the Statement.

NOTE: Fiduciaries who desire to file a Statement should carefully review applicable Maryland law. Fiduciaries having questions on issues such as whether they possess the right to file a Statement and how filing a Statement may alter their legal obligations with respect to fiduciary assets they control should seek legal guidance. General questions concerning the filing of a Statement with the OFR may be directed to the Non-Depository Operations Unit at 410-230-6019.

Laws, Rules, and Regulations

A person making a prudential investor election is expected to be knowledgeable about and in compliance with their obligations under Maryland law when acting as a fiduciary, and any other applicable State or Federal statutes, rules, and regulations.

Maryland laws, rules, and regulations can be found by accessing the Annotated Code of Maryland and Rules and Code of Maryland Regulations (COMAR). Certain relevant Maryland laws, rules, and/or regulations include, but are not necessarily limited to: