SB440-SA4,2,87
(b) If required to comply with this paragraph under par. (a), the bank or trust
8company shall provide the disclosure documents and obtain the signed
9acknowledgements described in this paragraph. The bank or trust company shall
10provide a separate disclosure document to each person, or his or her legal
11representative, who has an interest in the trust for which the bank or trust company
12is exercising investment discretion, including the grantor of the trust and each
13person having a current income or remainder interest. The disclosure document
14shall include disclosure of the rate, formula or method by which the bank, trust
15company or affiliate is compensated for providing investment management or
16investment advisory services to the investment company or investment trust. If the
1investment management or investment advisory services are provided to the
2investment company or investment trust by an affiliate, the disclosure document
3shall describe the relationship between the bank or trust company and the affiliate.
4The commissioner of banking may promulgate rules specifying additional
5requirements for the disclosure document under this paragraph. The bank or trust
6company shall obtain signed acknowledgements from each person to whom
7disclosure is required to be made under this paragraph stating that the person has
8read and understands the information contained in the disclosure document.
SB440-SA4,3,311
881.05
(3) (b) If required to comply with this paragraph under par. (a), the bank
12or trust company shall provide the disclosure documents and obtain the signed
13acknowledgements described in this paragraph. The bank or trust company shall
14provide a separate disclosure document to each person, or his or her legal
15representative, who has an interest in the trust for which the bank or trust company
16is exercising investment discretion, including the grantor of the trust and each
17person having a current income or remainder interest. The disclosure document
18shall include disclosure of the rate, formula or method by which the bank, trust
19company or affiliate is compensated for providing investment management or
20investment advisory services to the investment company or investment trust. If the
21investment management or investment advisory services are provided to the
22investment company or investment trust by an affiliate, the disclosure document
23shall describe the relationship between the bank or trust company and the affiliate.
24The
commissioner division of banking may promulgate rules specifying additional
25requirements for the disclosure document under this paragraph. The bank or trust
1company shall obtain signed acknowledgements from each person to whom
2disclosure is required to be made under this paragraph stating that the person has
3read and understands the information contained in the disclosure document.".