{"data":{"id":"us-va/10vac5-22-130","jurisdiction":"us-va","citation":"10VAC5-22-130","heading":"Referral of securities transactions","body":"An affiliated trust company may not direct to an affiliated broker-dealer the compensation-producing securities transactions of a trust account, unless:\n\n1. Such action is authorized by the account settlor, the beneficiaries, or a court (depending on the circumstances) by specific written consent or authorization obtained after disclosure of the relationship and the terms of the arrangement;\n\n2. Use of the affiliated broker-dealer is in the best interest of the account;\n\n3. In the case of employee benefit trusts, a reasoned opinion of counsel is obtained to the effect that the proposed use does not violate the Employee Retirement Income Security Act of 1974 (29 USC § 1001 et seq.); and\n\n4. The trust company has established adequate safeguards against potential abuses (e.g., \"churning\").","path":["Title 10. Finance And Financial Institutions","Agency 5. State Corporation Commission","Chapter 22. Trust Company Regulations"],"source_url":"https://law.lis.virginia.gov/admincode/title10/agency5/chapter22/section130/","current_through":"2026 Regular Session (effective July 1, 2026)","vintage":"","retrieved_at":"2026-09-14T04:49:32Z","sha256":"a7f7e4dc3dad95b1df2f0c6ad9d8e40a7238d19bfdfc4b744f218ce515f04c0d","source_id":"us-va-vac","stale":false,"prev":"us-va/10vac5-22-120","next":"us-va/10vac5-22-140"},"notice":"GroundRules: Original legal text. Not legal advice."}