Final answer:
The correct answer is option a) TRUE.
Step-by-step explanation:
The statement in question is true. The asset administration function is indeed subject to various state and federal laws and regulations. These laws and regulations are put in place to ensure that the administration and management of assets are conducted in a fair and lawful manner.
Examples of such laws and regulations include the Securities Act of 1933 and the Investment Advisers Act of 1940, which regulate the offering and sale of securities and the activities of investment advisers, respectively.