17 C.F.R. § 240.15a-9 Exemption from the definitions of “broker” and “dealer” for savings associations and savings banks.
Title 17 - Commodity and Securities Exchanges
Any savings association or savings bank that has deposits insured by the Federal Deposit Insurance Corporation under the FDIA (12 U.S.C. 1811 et seq.), and is not operated for the purpose of evading the provisions of the Act (15 U.S.C. 78a et seq.), is exempt from the definitions of the terms “broker” and “dealer” under Sections 3(a)(4) and 3(a)(5) of the Act (15 U.S.C. 78c(a)(4) and 15 U.S.C. 78c(a)(5)), based solely on the savings association's or savings bank's status as a broker or dealer on the same terms and under the same conditions that banks are excepted or exempted, provided that if a savings association or savings bank acts as a municipal securities dealer, it shall be considered a bank municipal securities dealer for purposes of the Act (15 U.S.C. 78a et seq.) and the rules thereunder, including the rules of the Municipal Securities Rulemaking Board. [66 FR 27799, May 18, 2001]
Title 17: Commodity and Securities Exchanges
PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934
Registration of Brokers and Dealers
§ 240.15a-9 Exemption from the definitions of “broker” and “dealer” for savings associations and savings banks.
