12 CFR 12.3 - Recordkeeping.
§ 12.3
Recordkeeping.
(a) General rule.
A national bank effecting securities transactions for customers shall maintain the following records for at least three years:
(1) Chronological records.
An itemized daily record of each purchase and sale of securities maintained in chronological order, and including:
(v)
Name or other designation of the broker/dealer or other person from whom the securities were purchased or to whom the securities were sold;
(3) Memorandum order.
A separate memorandum (order ticket) of each order to purchase or sell securities (whether executed or canceled), including:
(iii)
Time the trader or other bank employee responsible for effecting the transaction received the order;
(iv)
Time the trader placed the order with the broker/dealer, or if there was no broker/dealer, time the order was executed or canceled;
(4) Record of broker/dealers.
A record of all broker/dealers selected by the bank to effect securities transactions and the amount of commissions paid or allocated to each broker during the calendar year; and
(b) Manner of maintenance.
The records required by this section must clearly and accurately reflect the information required and provide an adequate basis for the audit of the information. Record maintenance may include the use of automated or electronic records provided the records are easily retrievable, readily available for inspection, and capable of being reproduced in a hard copy.
Title 12 published on 2012-01-01
no entries appear in the Federal Register after this date.
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.
This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].
It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.
