Which institutions must report fiduciary settlements, surcharges, losses, and recoveries?

The requirement for reporting fiduciary settlements, surcharges, losses, and recoveries is specifically aimed at institutions that manage a significant amount of fiduciary assets. Institutions with more than $100 million in fiduciary assets are viewed as having a substantial impact on their clients and the market, thus necessitating a level of transparency concerning fiduciary activities. This reporting helps ensure accountability and provides oversight for compliance with fiduciary standards and regulations.

In the case of institutions with less than $50 million in fiduciary assets or those with at least $500 million in fiduciary assets, the requirements differ based on the regulatory frameworks they operate under. Smaller institutions may be subject to less stringent oversight due to their asset size, while those managing larger amounts may follow different reporting protocols or guidelines. The inclusion of all trust institutions as a requirement would be overly broad, as not all institutions have the same level of fiduciary responsibility or impact, making the specific threshold of more than $100 million a logical mandate for such reporting.