Exemption allowing banks to calculate trust and fiduciary compensation on a bank-wide basis.

CFR · 2024-01-01 · US · Title 12

(a) (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 § 218.721(c); and (2) The aggregate relationship-total compensation percentage for the bank's trust and fiduciary business is at least 70 percent. (b) (c) (1) Equal to the (2) Calculated within 60 days of the end of the year. (d)

official document · source cfr-2024 · id 12:§ 218.722