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Electronic Code of Federal Regulations

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

Title 12Chapter IPart 150 → Subpart E


Title 12: Banks and Banking
PART 150—FIDUCIARY POWERS OF FEDERAL SAVINGS ASSOCIATIONS


Subpart E—Activities Exempt From This Part


Contents
§150.580   When may I conduct fiduciary activities without obtaining OCC approval?
§150.590   What standards must I observe when acting in exempt fiduciary capacities?
§150.600   How may funds be invested when I act in an exempt fiduciary capacity?
§150.610   What disclosures must I make when acting in exempt fiduciary capacities?
§150.620   May I receive compensation for acting in exempt fiduciary capacities?

§150.580   When may I conduct fiduciary activities without obtaining OCC approval?

Subject to the requirements of this subpart E, you do not need OCC approval under subpart B if you conduct fiduciary activities in the following fiduciary capacities:

(a) Trustee of a trust created or organized in the United States and forming part of a stock bonus, pension, or profit-sharing plan qualifying for specific tax treatment under section 401(d) of the Internal Revenue Code of 1954 (26 U.S.C. 401(d)).

(b) Trustee or custodian of a Individual Retirement Account within the meaning of section 408(a) of the Internal Revenue Code of 1954 (26 U.S.C. 408(a)).

§150.590   What standards must I observe when acting in exempt fiduciary capacities?

You must observe principles of sound fiduciary administration, including those related to recordkeeping and segregation of assets.

§150.600   How may funds be invested when I act in an exempt fiduciary capacity?

If you act in an exempt fiduciary capacity under §150.580, the funds of the fiduciary account may be invested only in the following:

(a) Your accounts, deposits, obligations, or securities.

(b) Other assets as the customer may direct, provided you do not exercise any investment discretion and do not directly or indirectly provide any investment advice for the fiduciary account.

§150.610   What disclosures must I make when acting in exempt fiduciary capacities?

(a) If you act in an exempt fiduciary capacity under §150.580 and fiduciary investments are not limited to accounts or deposits insured by the FDIC, you must include the following language in bold type on the first page of any contract documents:

(b) Funds invested pursuant to this agreement are not insured by the FDIC merely because the trustee or custodian is a Federal savings association the accounts of which are covered by such insurance. Only investments in the accounts of a Federal savings association are insured by the FDIC, subject to its rules and regulations.

§150.620   May I receive compensation for acting in exempt fiduciary capacities?

You may receive reasonable compensation.

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