Virginia Code 6.2-1020: Certain transactions by affiliated trust companies prohibited
Current as of: 2023 | Check for updates
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An affiliated trust company shall not:
Terms Used In Virginia Code 6.2-1020
- Affiliated trust company: means a trust company that is controlled by a trust company holding company. See Virginia Code 6.2-1000
- Broker-dealer: has the meaning assigned to it in § 13. See Virginia Code 6.2-1013
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trust company: means a corporation, including an affiliated trust company, that is authorized to engage in the trust business under Article 2 (§ 6. See Virginia Code 6.2-1000
1. During the underwriting period, purchase from an affiliated broker-dealer, for any trust account or for its own account, any security that is being underwritten by that broker-dealer; or
2. Purchase for any trust account or for its own account any security that is issued by a company that owns five percent or more of the capital stock of, or is affiliated with, the affiliated trust company.