or the fdic is the agency that already regulates the bank. In enacting the glba, Congress determined that functional regulation was appropriate - that is, when a bank was conducting a securities business outside of the enumerated exceptions, that bank should be registered as a broker-dealer. International Business: environment and operations, 11th edition. When a broker-dealer acts as agent on behalf of a customer in a transaction, the agent is under a duty to exercise reasonable care to obtain the most advantageous terms for a customer. For our purposes, this alternative qualification procedure is not relevant because banks, which are the focus of our analysis, are automatically qualified to undertake this role under the statute. 259 A different letter from the same writer asked how the trust and fiduciary activities exception applied to banks acting as trustees for certain benefit plans and self-directed IRAs. Employees that perform purely cerical and ministerial duties are not required to pass a qualifications test.
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Capatides, A Guide to the Capital Markets Activities of Banks and Bank Holding Companies (Mar. We also note that banks' securities activities continue to be subject to the antifraud provisions of the federal securities laws, irrespective of the bank's lack of registration or failure to comply with the provisions of the Exchange Act and the rules thereunder that otherwise apply. 603 (requiring the preparation of an irfa). 78c(a 4 B iv). Thus, most of those selling nondeposit investment products at banks and thrifts already are registered representatives of broker/dealers subject to the regulatory oversight of the Securities and Exchange Commission and securities industry self-regulatory organizations, such as the National Association of Securities Dealers (nasd). Savings associations and savings banks are required to comply with the requirements applicable to bank municipal securities dealers but by the terms of the exemption in Rule 15a-9 are exempted from complying with those requirements if they comply with rules applicable to bank municipal securities. See,.g., SEC. We have imposed a 3 annual revenue limit under this exemption and imposed conditions to limit banks' solicitation of investors to ensure a passive securities distribution channel because none of the protections available to investors under the federal securities laws are available in this situation. 1, 1993) at 154 (although banks may act as private placement agents directly, banks establish separate entities for "operational convenience as well as the desire to develop an investment bank environment with a stand alone compensation plan. Exchange Act Section 29(b) 238 provides that any contract made in violation of the Exchange Act or Exchange Act rules shall be void as regards the rights of any person who made or engaged in the performance of any such contract. Control of the company was held tightly by its directors, with ordinary shareholders not having much influence on management or even access to the company's accounting statements.
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