A registered representative services the brokerage account of her father-in-law at her broker-dealer. The father-in-law has asked the registered representative to act as the trustee in a trust account for her spouse and children. The following assets are being donated by the father-in-law into the trust:
Office Building: $15,500,000
Construction Company: $20,000,000
Construction Equipment: $ 2,000,000
The registered representative has agreed not to charge a trustee's fee to do this. Does she have to get permission of her broker-dealer to act as trustee?
A. No, because it is a family relationship
B. No, because the trust does not hold securities
C. No, because she is not being compensated to be the trustee
D. Yes, because this is an outside business activity
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