Prudent Investor Election - Financial Regulation

Pursuant to Md. Code Ann., Estates and Trust §15-114(g) certain fiduciaries may file a prudent investor election statement (“Statement”) with the Maryland Department of Labor’s Office of the Commissioner of Financial Regulation (“OCFR”), electing ET §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 DLFRFinReg-LABOR@maryland.gov noting “Prudent Investor Election Statement” in the subject line.  Statements may also be submitted by mail to the Office of the Commissioner of Financial Regulation, Attn: Prudent Investor, 500 N. Calvert Street, Suite 402, Baltimore, Maryland 21202.  In addition to the affirmative election of ET §15-114, the Statement should include, as applicable: the name of the institution or firm, the fiduciary’s name, and appropriate contact information.  The OCFR 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.

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 professional guidance.  General questions concerning the filing of a Statement with the OCFR may be directed to 410-230-6100. 

A list of fiduciaries who have filed a Statement with the OCFR is provided below.  The OCFR updates this list on a monthly basis.

Statements and any correspondence or attachments submitted therewith are generally records subject to the Maryland Public Information Act.  Any person seeking a record from the OCFR may submit a Maryland Public Information Act request to the OCFR by either email to DLFRFinReg-LABOR@maryland.gov or by mail to the Office of the Commissioner of Financial Regulation, 500 N. Calvert Street, Suite 402, Baltimore, Maryland 21202.  The OCFR may charge a reasonable fee and/or its actual costs in producing such a record.

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