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Some Legal Considerations Affecting Interstate Trust Business

Overview Most states' securities laws restrict or prohibit the provision of investment advisory services within the state by unlicensed investment advisers. While many such laws have exceptions for federally registered investment advisers and domestic "banks" or "trust companies," statutory exceptions for a number of states do not extend explicitly to out-of-state trust institutions or are ambiguous on the point. Most banks and trust companies are not federally registered as investment advisers, other than those that, under the Gramm-Leach-Bliley Act of 1999 ("GLB"), must register because they advise registered investment companies. The GLB is not the first word on consumer rights to privacy, nor will it be the last.

Further White Paper Details
PublisherStradley Ronon Stevens & Young File FormatHTML
Date PublishedSeptember 2005
FormatWhite Papers   
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