Conditional charter marks beginning of pilot program to establish fiduciary financial institution under recently enacted TEFFI Act
DALLAS – July 6, 2021 – Beneficient, a Nevada corporation, a leading company serving the growing market of investors seeking liquidity from alternative assets, today announced the issuance of a conditional charter from the Kansas State Bank Commissioner to establish a fiduciary financial institution within the State of Kansas.
The conditional charter, which was issued July 1, 2021, marks the beginning of Ben’s role as pilot under a new set of industry regulations enacted within the State of Kansas through the Technology Enabled Fiduciary Financial Institutions (TEFFI) Act. Through the TEFFI Act and terms of the conditional charter, Ben has committed to funding the pilot program as it works closely with Kansas officials and regulators to ensure a smooth rollout over the next 6-12 months, ahead of wider industry adoption.
The TEFFI Act – which received unanimous support in the Kansas Senate and strong bipartisan support of 82 percent in the House – is designed to attract private investment in Kansas by enabling the chartering and creation of lines of business for alternative asset financing and custodial organizations known as TEFFIs, as well as the establishment of Alternative Asset Trusts in the State of Kansas. The legislation provides for benefits to communities in Kansas that need it most, with industry-generated fees supporting economic development zones in rural and distressed areas of the state.
This new framework will not only benefit the overall industry, but also provides a unique way to fund and support economic development zones throughout Kansas
“We are very excited to begin our work with Kansas officials and regulators on the TEFFI Act to help establish this new framework for the entire alternative asset industry,” said Brad Heppner, CEO and Chairman of Ben. “This new framework will not only benefit the overall industry, but also provides a unique way to fund and support economic development zones throughout Kansas.”
About Beneficient
Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors – mid-to-high net worth individuals, small-to-midsized institutions, and General Partners seeking exit options, anchor commitments, and valued-added services for their funds – with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote® tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.
Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.
For more information, visit trustben.com or follow us on LinkedIn.
For More Information
For more information on the program, please visit https://www.trustben.com/teffi. Read the press release on GlobeNewswire.
Media Contact
Brunswick Group
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