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Electronic Code of Federal Regulations

e-CFR data is current as of January 23, 2020

Title 12Chapter IPart 150Subpart B → §150.140


Title 12: Banks and Banking
PART 150—FIDUCIARY POWERS OF FEDERAL SAVINGS ASSOCIATIONS
Subpart B—Exercising Fiduciary Powers


§150.140   Must I adopt and follow written policies and procedures in exercising fiduciary powers?

You must adopt and follow written policies and procedures adequate to maintain your fiduciary activities in compliance with applicable law. Among other relevant matters, the policies and procedures should address, where appropriate, the following areas:

(a) Your brokerage placement practices.

(b) Your methods for ensuring that your fiduciary officers and employees do not use material inside information in connection with any decision or recommendation to purchase or sell any security.

(c) Your methods for preventing self-dealing and conflicts of interest.

(d) Your selection and retention of legal counsel who is ready and available to advise you and your fiduciary officers and employees on fiduciary matters.

(e) Your investment of funds held as fiduciary, including short-term investments and the treatment of fiduciary funds awaiting investment or distribution.

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