Exemptions for special accounts, transferred accounts, foreign branches and a

CFR · 2024-01-01 · US · Title 12

(a) (b) (c) (2) (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) (i) That is located outside the United States and provides banking services to residents of the foreign jurisdiction in which the branch is located; and (ii) For which the decisions relating to day-to-day operations and business of the branch are made at that branch and are not made by an office of the bank located in the United States. (d) (e) (1) The bank maintains records demonstrating that the securities transactions conducted by or on behalf of the account were undertaken by the bank in the exercise of its trust or fiduciary responsibilities with respect to the account; (2) The total number of accounts excluded by the bank under this paragraph (d) does not exceed the lesser of— (i) 1 percent of the total number of trust or fiduciary accounts held by the bank, (ii) 500; and (3) The bank did not rely on this paragraph (e) with respect to such account during the immediately preceding year.

official document · source cfr-2024 · id 12:§ 218.723