cfr_sections
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15 rows where part_number = 247 and title_number = 17 sorted by section_id
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| section_id ▼ | title_number | title_name | chapter | subchapter | part_number | part_name | subpart | subpart_name | section_number | section_heading | agency | authority | source_citation | amendment_citations | full_text |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 17:17:5.0.1.1.7.0.9.1 | 17 | Commodity and Securities Exchanges | II | 247 | PART 247—REGULATION R—EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER | § 247.100 Definition. | SEC | For purposes of this part the following definition shall apply: Act means the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq. ). | |||||||
| 17:17:5.0.1.1.7.0.9.10 | 17 | Commodity and Securities Exchanges | II | 247 | PART 247—REGULATION R—EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER | § 247.771 Exemption from the definition of “broker” for banks effecting transactions in securities issued pursuant to Regulation S. | SEC | (a) A bank is exempt from the definition of the term “broker” under section 3(a)(4) of the Act (15 U.S.C. 78c(a)(4)), to the extent that, as agent, the bank: (1) Effects a sale in compliance with the requirements of 17 CFR 230.903 of an eligible security to a purchaser who is not in the United States; (2) Effects, by or on behalf of a person who is not a U.S. person under 17 CFR 230.902(k), a resale of an eligible security after its initial sale with a reasonable belief that the eligible security was initially sold outside of the United States within the meaning of and in compliance with the requirements of 17 CFR 230.903 to a purchaser who is not in the United States or a registered broker or dealer, provided that if the resale is made prior to the expiration of any applicable distribution compliance period specified in 17 CFR 230.903(b)(2) or (b)(3), the resale is made in compliance with the requirements of 17 CFR 230.904; or (3) Effects, by or on behalf of a registered broker or dealer, a resale of an eligible security after its initial sale with a reasonable belief that the eligible security was initially sold outside of the United States within the meaning of and in compliance with the requirements of 17 CFR 230.903 to a purchaser who is not in the United States, provided that if the resale is made prior to the expiration of any applicable distribution compliance period specified in 17 CFR 230.903(b)(2) or (b)(3), the resale is made in compliance with the requirements of 17 CFR 230.904. (b) Definitions. For purposes of this section: (1) Distributor has the same meaning as in 17 CFR 230.902(d). (2) Eligible security means a security that: (i) Is not being sold from the inventory of the bank or an affiliate of the bank; and (ii) Is not being underwritten by the bank or an affiliate of the bank on a firm-commitment basis, unless the bank acquired the security from an unaffiliated distributor that did not purchase the security from the bank or an affiliate of the bank. (3) Purchaser means a pers… | |||||||
| 17:17:5.0.1.1.7.0.9.11 | 17 | Commodity and Securities Exchanges | II | 247 | PART 247—REGULATION R—EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER | § 247.772 Exemption from the definition of “broker” for banks engaging in securities lending transactions. | SEC | (a) A bank is exempt from the definition of the term “broker” under section 3(a)(4) of the Act (15 U.S.C. 78c(a)(4)), to the extent that, as an agent, it engages in or effects securities lending transactions, and any securities lending services in connection with such transactions, with or on behalf of a person the bank reasonably believes to be: (1) A qualified investor as defined in section 3(a)(54)(A) of the Act (15 U.S.C. 78c(a)(54)(A)); or (2) Any employee benefit plan that owns and invests on a discretionary basis, not less than $ 25,000,000 in investments. (b) Securities lending transaction means a transaction in which the owner of a security lends the security temporarily to another party pursuant to a written securities lending agreement under which the lender retains the economic interests of an owner of such securities, and has the right to terminate the transaction and to recall the loaned securities on terms agreed by the parties. (c) Securities lending services means: (1) Selecting and negotiating with a borrower and executing, or directing the execution of the loan with the borrower; (2) Receiving, delivering, or directing the receipt or delivery of loaned securities; (3) Receiving, delivering, or directing the receipt or delivery of collateral; (4) Providing mark-to-market, corporate action, recordkeeping or other services incidental to the administration of the securities lending transaction; (5) Investing, or directing the investment of, cash collateral; or (6) Indemnifying the lender of securities with respect to various matters. | |||||||
| 17:17:5.0.1.1.7.0.9.12 | 17 | Commodity and Securities Exchanges | II | 247 | PART 247—REGULATION R—EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER | § 247.775 Exemption from the definition of “broker” for banks effecting certain excepted or exempted transactions in investment company securities. | SEC | [72 FR 56554, Oct. 3, 2007, as amended at 73 FR 20780, Apr. 17, 2008] | (a) A bank that meets the conditions for an exception or exemption from the definition of the term “broker” except for the condition in section 3(a)(4)(C)(i) of the Act (15 U.S.C. 78c(a)(4)(C)(i)), is exempt from such condition to the extent that it effects a transaction in a covered security, if: (1) Any such security is neither traded on a national securities exchange nor through the facilities of a national securities association or an interdealer quotation system; (2) The security is distributed by a registered broker or dealer, or the sales charge is no more than the amount permissible for a security sold by a registered broker or dealer pursuant to any applicable rules adopted pursuant to section 22(b)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a-22(b)(1)) by a securities association registered under section 15A of the Act (15 U.S.C. 78o-3); and (3) Any such transaction is effected: (i) Through the National Securities Clearing Corporation; or (ii) Directly with a transfer agent or with an insurance company or separate account that is excluded from the definition of transfer agent in Section 3(a)(25) of the Act. (b) Definitions. For purposes of this section: (1) Covered security means: (i) Any security issued by an open-end company, as defined by section 5(a)(1) of the Investment Company Act (15 U.S.C. 80a-5(a)(1)), that is registered under that Act; and (ii) Any variable insurance contract funded by a separate account, as defined by section 2(a)(37) of the Investment Company Act (15 U.S.C. 80a-2(a)(37)), that is registered under that Act. (2) Interdealer quotation system has the same meaning as in 17 CFR 240.15c2-11. (3) Insurance company has the same meaning as in 15 U.S.C. 77b(a)(13). | ||||||
| 17:17:5.0.1.1.7.0.9.13 | 17 | Commodity and Securities Exchanges | II | 247 | PART 247—REGULATION R—EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER | § 247.776 Exemption from the definition of “broker” for banks effecting certain excepted or exempted transactions in a company's securities for its employee benefit plans. | SEC | (a) A bank that meets the conditions for an exception or exemption from the definition of the term “broker” except for the condition in section 3(a)(4)(C)(i) of the Act (15 U.S.C. 78c(a)(4)(C)(i)), is exempt from such condition to the extent that it effects a transaction in the securities of a company directly with a transfer agent acting for the company that issued the security, if: (1) No commission is charged with respect to the transaction; (2) The transaction is conducted by the bank solely for the benefit of an employee benefit plan account; (3) Any such security is obtained directly from: (i) The company; or (ii) An employee benefit plan of the company; and (4) Any such security is transferred only to: (i) The company; or (ii) An employee benefit plan of the company. (b) For purposes of this section, the term employee benefit plan account has the same meaning as in § 247.760(h)(4). | |||||||
| 17:17:5.0.1.1.7.0.9.14 | 17 | Commodity and Securities Exchanges | II | 247 | PART 247—REGULATION R—EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER | § 247.780 Exemption for banks from liability under section 29 of the Securities Exchange Act of 1934. | SEC | (a) No contract entered into before March 31, 2009, shall be void or considered voidable by reason of section 29(b) of the Act (15 U.S.C. 78cc(b)) because any bank that is a party to the contract violated the registration requirements of section 15(a) of the Act (15 U.S.C. 78o(a)), any other applicable provision of the Act, or the rules and regulations thereunder based solely on the bank's status as a broker when the contract was created. (b) No contract shall be void or considered voidable by reason of section 29(b) of the Act (15 U.S.C. 78cc(b)) because any bank that is a party to the contract violated the registration requirements of section 15(a) of the Act (15 U.S.C. 78o(a)) or the rules and regulations thereunder based solely on the bank's status as a broker when the contract was created, if: (1) At the time the contract was created, the bank acted in good faith and had reasonable policies and procedures in place to comply with section 3(a)(4)(B) of the Act (15 U.S.C. 78c(a)(4)(B)) and the rules and regulations thereunder; and (2) At the time the contract was created, any violation of the registration requirements of section 15(a) of the Act by the bank did not result in any significant harm or financial loss or cost to the person seeking to void the contract. | |||||||
| 17:17:5.0.1.1.7.0.9.15 | 17 | Commodity and Securities Exchanges | II | 247 | PART 247—REGULATION R—EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER | § 247.781 Exemption from the definition of “broker” for banks for a limited period of time. | SEC | A bank is exempt from the definition of the term “broker” under section 3(a)(4) of the Act (15 U.S.C. 78c(a)(4)) until the first day of its first fiscal year commencing after September 30, 2008. | |||||||
| 17:17:5.0.1.1.7.0.9.2 | 17 | Commodity and Securities Exchanges | II | 247 | PART 247—REGULATION R—EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER | § 247.700 Defined terms relating to the networking exception from the definition of “broker.” | SEC | When used with respect to the Third Party Brokerage Arrangements (“Networking”) Exception from the definition of the term “broker” in section 3(a)(4)(B)(i) of the Act (15 U.S.C. 78c(a)(4)(B)(i)) in the context of transactions with a customer, the following terms shall have the meaning provided: (a) Contingent on whether the referral results in a transaction means dependent on whether the referral results in a purchase or sale of a security; whether an account is opened with a broker or dealer; whether the referral results in a transaction involving a particular type of security; or whether it results in multiple securities transactions; provided, however, that a referral fee may be contingent on whether a customer: (1) Contacts or keeps an appointment with a broker or dealer as a result of the referral; or (2) Meets any objective, base-line qualification criteria established by the bank or broker or dealer for customer referrals, including such criteria as minimum assets, net worth, income, or marginal federal or state income tax rate, or any requirement for citizenship or residency that the broker or dealer, or the bank, may have established generally for referrals for securities brokerage accounts. (b)(1) Incentive compensation means compensation that is intended to encourage a bank employee to refer customers to a broker or dealer or give a bank employee an interest in the success of a securities transaction at a broker or dealer. The term does not include compensation paid by a bank under a bonus or similar plan that is: (i) Paid on a discretionary basis; and (ii) Based on multiple factors or variables and: (A) Those factors or variables include multiple significant factors or variables that are not related to securities transactions at the broker or dealer; (B) A referral made by the employee is not a factor or variable in determining the employee's compensation under the plan; and (C) The employee's compensation under the plan is not determined by reference to referrals made by any other person… | |||||||
| 17:17:5.0.1.1.7.0.9.3 | 17 | Commodity and Securities Exchanges | II | 247 | PART 247—REGULATION R—EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER | § 247.701 Exemption from the definition of “broker” for certain institutional referrals. | SEC | [72 FR 56554, Oct. 3, 2007, as amended at 73 FR 20780, Apr. 17, 2008] | (a) General. A bank that meets the requirements for the exception from the definition of “broker” under section 3(a)(4)(B)(i) of the Act (15 U.S.C. 78c(a)(4)(B)(i)), other than section 3(a)(4)(B)(i)(VI) of the Act (15 U.S.C. 78c(a)(4)(B)(i)(VI)), is exempt from the conditions of section 3(a)(4)(B)(i)(VI) of the Act solely to the extent that a bank employee receives a referral fee for referring a high net worth customer or institutional customer to a broker or dealer with which the bank has a contractual or other written arrangement of the type specified in section 3(a)(4)(B)(i) of the Act, if: (1) Bank employee. (i) The bank employee is: (A) Not registered or approved, or otherwise required to be registered or approved, in accordance with the qualification standards established by the rules of any self-regulatory organization; (B) Predominantly engaged in banking activities other than making referrals to a broker or dealer; and (C) Not subject to statutory disqualification, as that term is defined in section 3(a)(39) of the Act (15 U.S.C. 78c(a)(39)), except subparagraph (E) of that section; and (ii) The high net worth customer or institutional customer is encountered by the bank employee in the ordinary course of the employee's assigned duties for the bank. (2) Bank determinations and obligations —(i) Disclosures. The bank provides the high net worth customer or institutional customer the information set forth in paragraph (b) of this section (A) In writing prior to or at the time of the referral; or (B) Orally prior to or at the time of the referral and ( 1 ) The bank provides such information to the customer in writing within 3 business days of the date on which the bank employee refers the customer to the broker or dealer; or ( 2 ) The written agreement between the bank and the broker or dealer provides for the broker or dealer to provide such information to the customer in writing in accordance with paragraph (a)(3)(i) of this section. (ii) Customer qualification. (A) In the case of a cus… | ||||||
| 17:17:5.0.1.1.7.0.9.4 | 17 | Commodity and Securities Exchanges | II | 247 | PART 247—REGULATION R—EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER | § 247.721 Defined terms relating to the trust and fiduciary activities exception from the definition of “broker.” | SEC | [72 FR 56554, Oct. 3, 2007, as amended at 73 FR 20780, Apr. 17, 2008] | (a) Defined terms for chiefly compensated test. For purposes of this part and section 3(a)(4)(B)(ii) of the Act (15 U.S.C. 78c(a)(4)(B)(ii)), the following terms shall have the meaning provided: (1) Chiefly compensated—account-by-account test. Chiefly compensated shall mean the relationship-total compensation percentage for each trust or fiduciary account of the bank is greater than 50 percent. (2) The relationship-total compensation percentage for a trust or fiduciary account shall be the mean of the yearly compensation percentage for the account for the immediately preceding year and the yearly compensation percentage for the account for the year immediately preceding that year. (3) The yearly compensation percentage for a trust or fiduciary account shall be (i) Equal to the relationship compensation attributable to the trust or fiduciary account during the year divided by the total compensation attributable to the trust or fiduciary account during that year, with the quotient expressed as a percentage; and (ii) Calculated within 60 days of the end of the year. (4) Relationship compensation means any compensation a bank receives attributable to a trust or fiduciary account that consists of: (i) An administration fee, including, without limitation, a fee paid— (A) For personal services, tax preparation, or real estate settlement services; (B) For disbursing funds from, or for recording receipt of payments to, a trust or fiduciary account; (C) In connection with securities lending or borrowing transactions; (D) For custody services; or (E) In connection with an investment in shares of an investment company for personal service, the maintenance of shareholder accounts or any service described in paragraph (a)(4)(iii)(C) of this section; (ii) An annual fee (payable on a monthly, quarterly or other basis), including, without limitation, a fee paid for assessing investment performance or for reviewing compliance with applicable investment guidelines or restrictions; (iii) A fee… | ||||||
| 17:17:5.0.1.1.7.0.9.5 | 17 | Commodity and Securities Exchanges | II | 247 | PART 247—REGULATION R—EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER | § 247.722 Exemption allowing banks to calculate trust and fiduciary compensation on a bank-wide basis. | SEC | (a) General. A bank is exempt from meeting the “chiefly compensated” condition in section 3(a)(4)(B)(ii)(I) of the Act (15 U.S.C. 78c(a)(4)(B)(ii)(I)) to the extent that it effects transactions in securities for any account in a trustee or fiduciary capacity within the scope of section 3(a)(4)(D) of the Act (15 U.S.C. 78c(a)(4)(D)) if: (1) The bank meets the other conditions for the exception from the definition of the term “broker” under sections 3(a)(4)(B)(ii) and 3(a)(4)(C) of the Act (15 U.S.C. 78c(a)(4)(B)(ii) and 15 U.S.C. 78c(a)(4)(C)), including the advertising restrictions in section 3(a)(4)(B)(ii)(II) of the Act (15 U.S.C. 78c(a)(4)(B)(ii)(II) as implemented by § 247.721(c); and (2) The aggregate relationship-total compensation percentage for the bank's trust and fiduciary business is at least 70 percent. (b) Aggregate relationship-total compensation percentage. For purposes of this section, the aggregate relationship-total compensation percentage for a bank's trust and fiduciary business shall be the mean of the bank's yearly bank-wide compensation percentage for the immediately preceding year and the bank's yearly bank-wide compensation percentage for the year immediately preceding that year. (c) Yearly bank-wide compensation percentage. For purposes of this section, a bank's yearly bank-wide compensation percentage for a year shall be (1) Equal to the relationship compensation attributable to the bank's trust and fiduciary business as a whole during the year divided by the total compensation attributable to the bank's trust and fiduciary business as a whole during that year, with the quotient expressed as a percentage; and (2) Calculated within 60 days of the end of the year. (d) Revenues derived from transactions conducted under other exceptions or exemptions. For purposes of calculating the yearly compensation percentage for a trust or fiduciary account, a bank may at its election exclude the compensation associated with any securities transaction conducted in accordanc… | |||||||
| 17:17:5.0.1.1.7.0.9.6 | 17 | Commodity and Securities Exchanges | II | 247 | PART 247—REGULATION R—EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER | § 247.723 Exemptions for special accounts, transferred accounts, foreign branches and a de minimis number of accounts. | SEC | [72 FR 56554, Oct. 3, 2007, as amended at 73 FR 20780, Apr. 17, 2008] | (a) Short-term accounts. A bank may, in determining its compliance with the chiefly compensated test in § 247.721(a)(1) or § 247.722(a)(2), exclude any trust or fiduciary account that had been open for a period of less than 3 months during the relevant year. (b) Accounts acquired as part of a business combination or asset acquisition. For purposes of determining compliance with the chiefly compensated test in § 247.721(a)(1) or § 247.722(a)(2), any trust or fiduciary account that a bank acquired from another person as part of a merger, consolidation, acquisition, purchase of assets or similar transaction may be excluded by the bank for 12 months after the date the bank acquired the account from the other person. (c) Non-shell foreign branches —(1) Exemption. For purposes of determining compliance with the chiefly compensated test in § 247.722(a)(2), a bank may exclude the trust or fiduciary accounts held at a non-shell foreign branch of the bank if the bank has reasonable cause to believe that trust or fiduciary accounts of the foreign branch held by or for the benefit of a U.S. person as defined in 17 CFR 230.902(k) constitute less than 10 percent of the total number of trust or fiduciary accounts of the foreign branch. (2) Rules of construction. Solely for purposes of this paragraph (c), a bank will be deemed to have reasonable cause to believe that a trust or fiduciary account of a foreign branch of the bank is not held by or for the benefit of a U.S. person if (i) The principal mailing address maintained and used by the foreign branch for the accountholder(s) and beneficiary(ies) of the account is not in the United States; or (ii) The records of the foreign branch indicate that the accountholder(s) and beneficiary(ies) of the account is not a U.S. person as defined in 17 CFR 230.902(k). (3) Non-shell foreign branch. Solely for purposes of this paragraph (c), a non-shell foreign branch of a bank means a branch of the bank (i) That is located outside the United States and provides banking se… | ||||||
| 17:17:5.0.1.1.7.0.9.7 | 17 | Commodity and Securities Exchanges | II | 247 | PART 247—REGULATION R—EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER | § 247.740 Defined terms relating to the sweep accounts exception from the definition of “broker.” | SEC | For purposes of section 3(a)(4)(B)(v) of the Act (15 U.S.C. 78c(a)(4)(B)(v)), the following terms shall have the meaning provided: (a) Deferred sales load has the same meaning as in 17 CFR 270.6c-10. (b) Money market fund means an open-end company registered under the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq. ) that is regulated as a money market fund pursuant to 17 CFR 270.2a-7. (c)(1) No-load , in the context of an investment company or the securities issued by an investment company, means, for securities of the class or series in which a bank effects transactions, that: (i) That class or series is not subject to a sales load or a deferred sales load; and (ii) Total charges against net assets of that class or series of the investment company's securities for sales or sales promotion expenses, for personal service, or for the maintenance of shareholder accounts do not exceed 0.25 of 1% of average net assets annually. (2) For purposes of this definition, charges for the following will not be considered charges against net assets of a class or series of an investment company's securities for sales or sales promotion expenses, for personal service, or for the maintenance of shareholder accounts: (i) Providing transfer agent or sub-transfer agent services for beneficial owners of investment company shares; (ii) Aggregating and processing purchase and redemption orders for investment company shares; (iii) Providing beneficial owners with account statements showing their purchases, sales, and positions in the investment company; (iv) Processing dividend payments for the investment company; (v) Providing sub-accounting services to the investment company for shares held beneficially; (vi) Forwarding communications from the investment company to the beneficial owners, including proxies, shareholder reports, dividend and tax notices, and updated prospectuses; or (vii) Receiving, tabulating, and transmitting proxies executed by beneficial owners of investment company shares. (d) Open-end … | |||||||
| 17:17:5.0.1.1.7.0.9.8 | 17 | Commodity and Securities Exchanges | II | 247 | PART 247—REGULATION R—EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER | § 247.741 Exemption for banks effecting transactions in money market funds. | SEC | [72 FR 56554, Oct. 3, 2007, as amended at 73 FR 20780, Apr. 17, 2008] | (a) A bank is exempt from the definition of the term “broker” under section 3(a)(4) of the Act (15 U.S.C. 78c(a)(4)) to the extent that it effects transactions on behalf of a customer in securities issued by a money market fund, provided that: (1) The bank either (i) Provides the customer, directly or indirectly, any other product or service, the provision of which would not, in and of itself, require the bank to register as a broker or dealer under section 15(a) of the Act (15 U.S.C. 78o(a)); or (ii) Effects the transactions on behalf of another bank as part of a program for the investment or reinvestment of deposit funds of, or collected by, the other bank; and (2)(i) The class or series of securities is no-load; or (ii) If the class or series of securities is not no-load (A) The bank or, if applicable, the other bank described in paragraph (a)(1)(B) of this section provides the customer, not later than at the time the customer authorizes the securities transactions, a prospectus for the securities; and (B) The bank and, if applicable, the other bank described in paragraph (a)(1)(B) of this section do not characterize or refer to the class or series of securities as no-load. (b) Definitions. For purposes of this section: (1) Money market fund has the same meaning as in § 247.740(b). (2) No-load has the same meaning as in § 247.740(c). | ||||||
| 17:17:5.0.1.1.7.0.9.9 | 17 | Commodity and Securities Exchanges | II | 247 | PART 247—REGULATION R—EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER | § 247.760 Exemption from definition of “broker” for banks accepting orders to effect transactions in securities from or on behalf of custody accounts. | SEC | (a) Employee benefit plan accounts and individual retirement accounts or similar accounts. A bank is exempt from the definition of the term “broker” under section 3(a)(4) of the Act (15 U.S.C. 78c(a)(4)) to the extent that, as part of its customary banking activities, the bank accepts orders to effect transactions in securities for an employee benefit plan account or an individual retirement account or similar account for which the bank acts as a custodian if: (1) Employee compensation restriction and additional conditions. The bank complies with the employee compensation restrictions in paragraph (c) of this section and the other conditions in paragraph (d) of this section; (2) Advertisements. Advertisements by or on behalf of the bank do not: (i) Advertise that the bank accepts orders for securities transactions for employee benefit plan accounts or individual retirement accounts or similar accounts, except as part of advertising the other custodial or safekeeping services the bank provides to these accounts; or (ii) Advertise that such accounts are securities brokerage accounts or that the bank's safekeeping and custody services substitute for a securities brokerage account; and (3) Advertisements and sales literature for individual retirement or similar accounts. Advertisements and sales literature issued by or on behalf of the bank do not describe the securities order-taking services provided by the bank to individual retirement accounts or similar accounts more prominently than the other aspects of the custody or safekeeping services provided by the bank to these accounts. (b) Accommodation trades for other custodial accounts. A bank is exempt from the definition of the term “broker” under section 3(a)(4) of the Act (15 U.S.C. 78c(a)(4)) to the extent that, as part of its customary banking activities, the bank accepts orders to effect transactions in securities for an account for which the bank acts as custodian other than an employee benefit plan account or an individual retirement accoun… |
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CREATE TABLE cfr_sections (
section_id TEXT PRIMARY KEY,
title_number INTEGER,
title_name TEXT,
chapter TEXT,
subchapter TEXT,
part_number TEXT,
part_name TEXT,
subpart TEXT,
subpart_name TEXT,
section_number TEXT,
section_heading TEXT,
agency TEXT,
authority TEXT,
source_citation TEXT,
amendment_citations TEXT,
full_text TEXT
);
CREATE INDEX idx_cfr_title ON cfr_sections(title_number);
CREATE INDEX idx_cfr_part ON cfr_sections(part_number);
CREATE INDEX idx_cfr_agency ON cfr_sections(agency);