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e-CFR data is current as of August 4, 2020

Title 12Chapter IPart 150Subpart B → Subject Group


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


Custody and Control of Assets

§150.230   Who must maintain custody or control of assets in a fiduciary account?

You must place assets of fiduciary accounts in the joint custody or control of not fewer than two fiduciary officers or employees designated for that purpose by the board of directors.

§150.240   May I hold investments of a fiduciary account off-premises?

You may hold the investments of a fiduciary account off-premises, if this practice is consistent with applicable law, and you maintain adequate safeguards and controls.

§150.245   When is a fiduciary not required to maintain custody or control of fiduciary assets?

If you are deemed a fiduciary based solely on your capacity as investment advisor, as that capacity is defined in §9.101(a) of this chapter, and have no other fiduciary capacity as enumerated in §150.30, you are not required to maintain custody or control of fiduciary assets as set forth in §150.220 or §150.240.

[82 FR 8109, Jan. 23, 2017]

§150.250   Must I keep fiduciary assets separate from other assets?

You must keep the assets of fiduciary accounts separate from your other assets. You must also keep the assets of each fiduciary account separate from all other accounts, or you must identify the investments as the property of a particular account, except as provided in §150.260.

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