Title 17 Part 240 → Subpart A → §240.3a12-6

Title 17 → Chapter II → Part 240 → Subpart A → §240.3a12-6

Electronic Code of Federal Regulations e-CFR

Title 17 Part 240 → Subpart A → §240.3a12-6

e-CFR data is current as of January 22, 2020

Title 17Chapter IIPart 240Subpart A → §240.3a12-6

Title 17: Commodity and Securities Exchanges
Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934

§240.3a12-6   Definition of “common trust fund” as used in section 3(a)(12) of the Act.

The term common trust fund as used in section 3(a)(12) of the Act (15 U.S.C. 78c(a)(12)) shall include a common trust fund which is maintained by a bank which is a member of an affiliated group, as defined in section 1504(a) of the Internal Revenue Code of 1954 (26 U.S.C. 1504(a)), and which is maintained exclusively for the collective investment and reinvestment of monies contributed thereto by one or more bank members of such affiliated group in the capacity of trustee, executor, administrator, or guardian; Provided, That:

(a) The common trust fund is operated in compliance with the same state and federal regulatory requirements as would apply if the bank maintaining such fund and any other contributing banks were the same entity; and

(b) The rights of persons for whose benefit a contributing bank acts as trustee, executor, administrator, or guardian would not be diminished by reason of the maintenance of such common trust fund by another bank member of the affiliated group.

(15 U.S.C. 78c(b))

[43 FR 2392, Jan. 17, 1978]