1. “Noncustodial trust company” means a grandfathered trust company that:
(a) Does not manage, or advise regarding, in the aggregate, more than $100,000,000 worth of a client’s assets;
(b) Does not have custody or control of clients’ assets that exceed 20 percent of the total assets that the trust company manages for all clients; and
(c) To the extent that the trust company has custody or control of a client’s assets, invests such assets pursuant to:
(1) Direction by the client; or
(2) The prudent investor standards of NRS 164.700 to 164.775, inclusive.
2. For the purposes of this section:
(a) “Advise” means to provide investment advice.
(b) “Control” means the ability to invest or transfer cash or any other asset in a fiduciary or client account to any person other than:
(1) In the case of an account for which the trust company acts as fiduciary, the settlor or beneficiary; and
(2) In the case of any other account of a client, the owner of the account.
(c) “Manage” means the exercise of discretion regarding investments, whether or not that discretion is delegated to another person.
(Added to NRS by 2009, 1949)
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