Regulatory Alerts2005-05-12
Reciprocity Determination Under Section 106(b) of the Banking Code of 1965
The Pennsylvania Department of Banking issued a letter confirming that Virginia and Pennsylvania laws are reciprocal regarding the ability of state-chartered nondepository trust companies to act as foreign fiduciaries in each state. The Department determined that Virginia Code provisions permit Pennsylvania trust companies to operate in Virginia under terms not substantially more restrictive than those applicable to foreign fiduciaries in Pennsylvania. This determination is based on the specific facts presented and does not constitute legal advice, with any factual changes potentially leading to an amendment or reversal of the position.
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