Vt. Eases Red Tape For State’s Financial Firms With Katrina Customers

September 14, 2005

Vermont financial providers that have been displaced due to Hurricane Katrina, or have customers who have been displaced, will find it easier to conduct business with one another thanks to a regulatory order from the state.

John P. Crowley, Commissioner of Banking, Insurance, Securities and Health Care Administration, issued an order today to temporarily allow displaced customers continued access to their financial accounts and financial representatives by providing relief from certain Vermont regulatory requirements.

The regulatory exemptions are intended to be used where financial providers have established a temporary place of business in Vermont, or financial planners, not otherwise registered or licensed in Vermont, have clients temporarily located in the state.

“Because of the tragic events resulting from Hurricane Katrina, we wanted to take some action which will allow investors or their financial representatives who have been displaced to continue to conduct their business without running into excessive red tape,” said Tanya Durkee, Deputy Commissioner of Securities. “We believe this order accomplishes this goal while at the same time protecting investors and maintaining confidence in the securities markets.”

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