(a) For the purpose of obtaining a registry or recreational endorsement, a trust arrangement meets citizenship requirements if:(1) Each of its trustees is a citizen; and(2) Each beneficiary with an enforceable interest in the trust is a citizen.(b) For the purpose of obtaining a fishery endorsement, a trust arrangement meets citizenship requirements if: (1) It meets all the requirements of paragraph (a) of this section; and(2) At least 75 percent of the equity interest in the trust, at each tier of the trust and in the aggregate, is owned by citizens.(c) For the purpose of obtaining a coastwise endorsement a trust arrangement meets citizenship requirements if:(1) It meets the requirements of paragraph (a) of this section and at least 75 percent of the equity interest in the trust is owned by citizens; or(2) It meets the requirements of § 68.60 or § 68.105 of this chapter.CGD 94-008, 59 FR 49846, Sept. 30, 1994, as amended by USCG-1999-6095, 65 FR 76576 , Dec. 7, 2000; USCG-2001-8825, 69 FR 5401 , Feb. 4, 2004; USCG-2005-20258, 71 FR 61417 , Oct. 18, 2006; USCG-2009-0702, 74 FR 49230 , Sept. 25, 2009