10 Va. Admin. Code § 5-22-30 - Composition of affiliated trust company board; prohibitions on dual service

Current through Register Vol.. 38, No. 17, April 11, 2022

A majority of the board of directors of an affiliated trust company shall consist of members who are neither directors nor officers of any other single affiliate of the trust company.

A director, officer, or employee of a trust company holding company or any affiliate of an affiliated trust company may not serve at the same time as an officer, director, or employee of the trust company, if such individual's employment responsibilities at an affiliate of the trust company include (i) the solicitation, sale or trading of securities; (ii) the selection of portfolio managers; (iii) the performing of investment advisory services; (iv) responsibilities that are functionally equivalent to those listed in (i), (ii), or (iii); or (v) supervision of one or more persons having such responsibilities.

A person who is an agent, broker-dealer, investment advisor, or investment advisor representative shall not serve as an officer or director of a trust company that is not an affiliated trust company.

Notes

10 Va. Admin. Code § 5-22-30
Derived from VR225-01-0205 § 3, eff. April 20, 1995.

Statutory Authority

§ 6.2-1034 of the Code of Virginia.

The following state regulations pages link to this page.



State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.