Devoted to Corporate Attorneys, Corporate Lawyers, and Corporate Counsel

The following is not meant to be legal advice.

The attorney working for a broker-dealer may consider calling the NASD for information on office set up when both a bank and broker-dealer is involved.

Investment advisers are not required to be licensed, but need to be registered investment advisers.  This may lead to the consideration that if banks are involved with the company, they may provide separate phone lines to investment specialists.  However, this may depend on how the phone lines are set up.  The separate phone lines may not be necessary if there is a central operator to screen calls and direct them to representatives.  A representative may need to know who is calling in order to answer a question.  According to the Interagency Statement, there is a rule that everything has to be separate when it comes to banks and broker-dealers.