12 CFR 218.776 - Exemption from the definition of “broker” for banks effecting certain excepted or exempted transactions in a company's securities for its employee benefit plans.
(a) A bank that meets the conditions for an exception or exemption from the definition of the term “broker” except for the condition insection 3(a)(4)(C)(i) of the Act (15 U.S.C. 78c(a)(4)(C)(i)), is exempt from such condition to the extent that it effects a transaction in the securities of a company directly with a transfer agent acting for the company that issued the security, if:
(2) The transaction is conducted by the bank solely for the benefit of an employee benefit plan account;
(b) For purposes of this section, the termemployee benefit plan account has the same meaning as in § 218.760(h)(4).
Title 12 published on 2015-01-01.
No entries appear in the Federal Register after this date, for 12 CFR Part 218.