Regulation R -- Exceptions for Banks from the Definition of Broker in the Securities Exchange Act of 1934
Effective dates: The addition of part 12 CFR 218 is effective September 28, 2007. Regulations at 12 CFR 218.781 ("Rule 781") are effective on September 28, 2007. Regulations at 12 CFR 218.100 through 218.780 are effective December 3, 2007. Compliance date: Banks are exempt from complying with the rules and the "broker" exceptions in Section 3(a)(4)(B) of the Exchange Act until the first day of their first fiscal year that commences after September 30, 2008.
Sec. 218.700 Defined terms relating to the networking exception from the definition of "broker." Sec. 218.701 Exemption from the definition of "broker" for certain institutional referrals.
Sec. 218.721 Defined terms relating to the trust and fiduciary activities exception from the definition of "broker." Sec. 218.722 Exemption allowing banks to calculate trust and fiduciary compensations on a bank-wide basis. Sec. 218.723 Exemptions for special accounts, transferred accounts, and a de minimis number of accounts.
Sec. 218.740 Defined terms relating to the sweep accounts exception from the definition of "broker." Sec. 218.741 Exemption for banks effecting transactions in money market funds.
Sec. 218.760 Exemption from definition of "broker" for banks accepting orders to effect transactions in securities from or on behalf of custody accounts.
Sec. 218.771 Exemption from the definition of "broker" for banks effecting transactions in securities issued pursuant to Regulation S. Sec. 218.772 Exemption from the definition of "broker" for banks engaging in securities lending transactions. Sec. 218.775 Exemption from the definition of "broker" for banks effecting certain excepted or exempted transactions in investment company securities. Sec. 218.776 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. 218.780 Exemption for banks from liability under section 29 of the Securities Exchange Act of 1934. Sec. 218.781 Exemption from the definition of "broker" for banks for a limited period of time.
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