Licensing matrix
Answering the question lawyers ask first: for a given jurisdiction, asset class and activity, which licence is required — every conclusion carries an official source and legal basis.
This table is a compilation of public information. It is not legal advice or investment advice. Always rely on the official text and your legal counsel.
Three-axis query
United States · Treasuries / bonds · Custody
| Licence / requirement | Legal basis | Official source | Licensed firms |
|---|---|---|---|
| Investment adviser custody rule: client assets must be held by a qualified custodian (Rule 206(4)-2) | Investment Advisers Act Rule 206(4)-2 (Custody Rule) | source ↗ | View firms → |
| Trust custody requires a state trust charter or national bank trust powers (OCC) | State banking law trust authority / OCC national bank trust activities | source ↗ | View firms → |
Data date 2026-10-29 · Coverage 120/120 combinations covered（100%）
At a glance: requirement count by jurisdiction
| Activity | Hong Kong | Singapore | United States | European Union |
|---|---|---|---|---|
| Issuance | 2 items | 1 items | 1 items | 1 items |
| Distribution | 2 items | 2 items | 2 items | 2 items |
| Custody | 2 items | 2 items | 2 items | 2 items |
| Secondary trading / venue | 2 items | 2 items | 1 items | 2 items |
| Marketing | 2 items | 1 items | 2 items | 1 items |
Information only; not legal advice. · Licensed firms → · Sources →
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