Municipal securities
(iii) Municipal securities. This part does not apply to transactions in municipal securities conducted by a national bank registered with the SEC as a municipal securities dealer as defined in title 15 U.S.C. 78c(a)(30). See 15 U.S.C. 78o-4. (iv) Foreign branches. This part does not apply to securities transactions conducted by a foreign branch of a national bank. (v) Transactions effected by registered broker/dealers. This part does not apply to securities transactions effected by a broker or dealer registered with the SEC where the SEC-registered broker or dealer directly provides the customer a confirmation; including, transactions effected by a national bank employee when acting as an employee of an SEC-registered broker/dealer. (3) Safe and sound operations. Notwithstanding paragraph (c)(2) of this section, every national bank conducting securities transactions for customers shall maintain effective systems of records and controls regarding their customer securities transactions to ensure safe and sound operations. The systems maintained must clearly and accurately reflect appropriate information and provide an adequate basis for an audit.