separately identifiable department or division

(26)The term “separately identifiable department or division” of a bank means a unit— (A)that is under the direct supervision of an officer or officers designated by the board of directors of the bank as responsible for the day-to-day conduct of the bank’s investment adviser activities for one or more investment companies, including the supervision of all bank employees engaged in the performance of such activities; and (B)for which all of the records relating to its investment adviser activities are separately maintained in or extractable from such unit’s own facilities or the facilities of the bank, and such records are so maintained or otherwise accessible as to permit independent examination and enforcement by the Commission of this subchapter or the Investment Company Act of 1940 [15 U.S.C. 80a–1et seq.] and rules and regulations promulgated under this subchapter or the Investment Company Act of 1940.

Source

15 USC § 80b-2(a)(26)


Scoping language

When used in this subchapter
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