Offers and sales of securities at an office of a Federal savings association.

CFR · 2024-01-01 · US · Title 12

(a) A Federal saving association may not offer or sell debt or equity securities issued by the association or an affiliate of the association at an office of the association; except that equity securities issued by the association or an affiliate in connection with the association's conversion from the mutual to stock form of organization in a conversion approved pursuant to part 192 of this chapter may be offered and sold at the association's offices: (1) The OCC does not object on supervisory grounds to the offer and sale of the securities at the offices of the association; (2) No commissions, bonuses, or comparable payments are paid to any employee of the savings association or its affiliates or to any other person in connection with the sale of securities at an office of a savings association; except that compensation and commissions consistent with industry norms may be paid to securities personnel of registered broker-dealers; (3) No offers or sales are made by tellers or at the teller counter, or by comparable persons at comparable locations; (4) Sales activity is conducted in a segregated or separately identifiable area of the savings association's offices apart from the area accessible to the general public for the purposes of making or withdrawing deposits; (5) Offers and sales are made only by regular, full-time employees of the savings association or by securities personnel who are subject to supervision by a registered broker-dealer; (6) An acknowledgment, in the

official document · source cfr-2024 · id 12:§ 163.76