10 Pa. Code § 203.031 - Fiduciary capacity

Where an institutional investor purchases securities for the benefit of another person, the exemption contained in section 203(c) of the act (70 P. S. § 1-203(c)) shall be available only if the institutional investor is empowered under applicable state or Federal law to act as a corporate fiduciary and is acting as trustee, guardian, conservator, executor or administrator; provided that, section 203(c) of the act (70 P. S. § 1.203(c)) is not available for a transaction where an institutional investor is acting in the capacity of trustee, guardian, conservator, executor or administrator for the primary purpose of avoiding or facilitating the avoidance of the provisions of section 201 of the act (70 P. S. § 1-201).

Notes

10 Pa. Code § 203.031

The provisions of this § 203.031 adopted October 11, 1974, effective 10/12/1974, 4 Pa.B. 2174; transferred and renumbered from 64 Pa. Code § 203.031, December 14, 2012, effective 12/15/2012, 42 Pa.B. 7533.