Operational services

Operational services means the following services, provided they are performed as part of cash management, clearing, or custody services:
(1) Payment remittance;
(2) Administration of payments and cash flows related to the safekeeping of investment assets, not including the purchase or sale of assets;
(3) Payroll administration and control over the disbursement of funds;
(4) Transmission, reconciliation, and confirmation of payment orders;
(5) Daylight overdraft;
(6) Determination of intra-day and final settlement positions;
(7) Settlement of securities transactions;
(8) Transfer of capital distributions and recurring contractual payments;
(9) Customer subscriptions and redemptions;
(10) Scheduled distribution of customer funds;
(11) Escrow, funds transfer, stock transfer, and agency services, including payment and settlement services, payment of fees, taxes, and other expenses; and
(12) Collection and aggregation of funds.


12 CFR § 329.3

Scoping language

For the purposes of this part:

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