17 Dec
2003
17 Dec
'03
11:17 p.m.
Eric Hughes says:
If the value transferred is liquid, and the payment is made upon demand, then, in fact, you are a bank, regardless of what else you might call yourself. This is the case in the USA. Canada certainly varies, as does the rest of the world.
Well, there is ONE subtlety -- entities like mutual funds and securities broker/dealers are not considered banks qua banks under American law -- they are, of course, even more stringently regulated anyway. There are various subtleties that say whether you come under Fed or under SEC regulation. Perry