A trust shall be certified only if the holdings transferred to it by the official or employee meet the requirements of §B of this regulation. A trust shall be: Well diversified. In evaluating the diversification of a portfolio the Commission shall consider whether the assets are sufficiently diversified to support a conclusion of blindness and lack of appearance of conflict. In making the determination the Commission shall consider the: Number of holdings; Share of the portfolio in any particular holding or industry; Value of each holding; and Percentage of ownership in the entity the official's or employee's holding represents. The Commission may not approve a portfolio for establishment of a blind trust whose assets exceed $350,000, when more than 20 percent of the trust value is held in a single security, or more than 30 percent is held in a single industry or economic sector, unless these particular holdings present no conflict of interest when the trust is created. The Commission may consider a lesser degree of diversification when smaller trusts make these percentages impractical and when the total circumstances warrant a finding of diversification. Readily marketable. In evaluating the marketability of holdings the Commission shall consider the presence of a market for the holdings, including whether: They are traded on a public exchange; The prices are quoted in papers of general circulation; The quantity of the holdings does not limit the possibility of sale; and The records of the holding for the entity show a ready market for the securities. Not a holding in an entity where the official or employee has as his primary State function regulatory or procurement duties relating to the entity, unless, due to the size of the holdings and the nature of the official's or employee's duties, a conflict of interest or appearance of conflict is unlikely. Free of any restriction or encumbrance that would interfere with the trustee's ability to manage and control them as required by Regulation .04 of this chapter.