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Code of Federal Regulations Title 17. Commodity and Securities Exchanges § 17.230.132 Definition of “common trust fund” as used in section 3(a)(2) of the Act

Current as of October 02, 2022 | Updated by FindLaw Staff

The term common trust fund as used in section 3(a)(2) of the Act (15 U.S.C. 77c(a)(2)) shall include a common trust fund which is maintained by a bank which is a member of an affiliated group, as defined in section 1504(a) of the Internal Revenue Code of 1954 (26 U.S.C. 1504(a)), and which is maintained exclusively for the collective investment and reinvestment of monies contributed thereto by one or more bank members of such affiliated group in the capacity of trustee, executor, administrator, or guardian, Provided That:

(a) The common trust fund is operated in compliance with the same state and federal regulatory requirements as would apply if the bank maintaining such fund and any other contributing banks were the same entry;  and

(b) The rights of persons for whose benefit a contributing bank acts as trustee, executor, administrator, or guardian would not be diminished by reason of the maintenance of such common trust fund by another bank member of the affiliated group.

(Authority:  15 U.S.C. 77s(a))

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Cite this article: FindLaw.com - Code of Federal Regulations Title 17. Commodity and Securities Exchanges § 17.230.132 Definition of “common trust fund” as used in section 3(a)(2) of the Act - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-17-commodity-and-securities-exchanges/cfr-sect-17-230-132/

Read this complete Code of Federal Regulations Title 17. Commodity and Securities Exchanges § 17.230.132 Definition of “common trust fund” as used in section 3(a)(2) of the Act on Westlaw

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