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Laws and Regulations

Key laws and regulations that pertain to �౦��Ϸ����-supervised institutions; note that other laws and regulations also may apply.

• Trust
  • addresses requirements to obtain prior written consent from the �౦��Ϸ���� using the Application for Consent to Exercise Trust Powers
  • outlines procedures to obtain the �౦��Ϸ����’s prior written consent to exercise trust powers and outlines circumstances when consent is not required
  • discusses requirements for trust departments to maintain adequate information regarding securities transactions
  • sets minimum standards for most voluntarily established pension and health plans in the private industry
  • describes exceptions for banks from being defined as a broker under the Securities Exchange Act of 1934
  • addresses requirements for transactions between the trust department and any affiliated entities
• Registered Transfer Agent
  • discusses requirements for institutions that perform any functions of a transfer agent
• Government Securities Dealer
  • addresses standards of conduct for those that have filed notice as, or are required to file notice as, government securities brokers or dealers pursuant to section 15C of the Securities and Exchange Act () and Department of the Treasury rules under section 15C ( and )
• Municipal Securities Dealer
  • discusses requirements for municipal advisors to register with the Securities and Exchange Commission
  • establishes rules that bank and municipal advisors must follow when engaging in municipal securities transactions

Supervisory Resources

Frequently asked questions, advisories, statements of policy, and other information issued by the �౦��Ϸ���� alone, or on an interagency basis, provided to promote safe-and-sound operations.

• Trust
  • Trust Examination Manual outlines examination processes, defines rating criteria used for safety and soundness examinations, and serves as a comprehensive reference on trust concepts, principles, common and statutory laws and regulations that govern the behavior of fiduciaries
  • Statement of Principles of Trust Department Management outlines sound banking practices in the operation of a trust department
  • Section 13 of the Applications Procedures Manual — Consent to Exercise Trust Powers outlines the application and review process when the �౦��Ϸ����’s prior written consent to exercise trust powers is sought
  • addresses the financial institution's sale of nondeposit investment products, including mutual funds and annuities as well as stocks and other investment products, to retail customers and the retail sales of investment products on the financial institution's premises
  • Securities Lending Supervisory Policy provides a discussion of policies and procedures to be considered and outlines various regulatory concerns for financial institutions that lend customers’ securities held in custody, safekeeping, trust or pension accounts
• Registered Transfer Agent
  • Section 11 of the Trust Examination Manual — Registered Transfer Agent outlines examination processes and the rationale for examinations, discusses the role of the transfer agent, and defines rating criteria as well as registration and reporting requirements
  • Forms and instructions for registration and amendment updates (Form TA-1 and ); for reporting activities of transfer agents (); and for withdrawing registration as a transfer agent (Form TA-W Request for Deregistration and instructions)
• Government Securities Dealer
  • Section 2.p of the Trust Examination Manual — Compliance with Government Securities Act of 1986 provides background information and discusses regulatory review processes
  • Questions and Answers relate to recordkeeping and reporting requirements for entities that control large positions in certain Treasury securities
  • Forms and instructions for notification of government securities broker or dealer activities (Form G-FIN and ); for termination of activities (Form G-FINW and ); for initial disclosure of a person conducting government securities broker or dealer activities (Form G-FIN-4 and instructions); and for termination of an individual’s activities (Form G-FIN-5 and instructions)
• Municipal Securities Dealer
  • rule interpretations when advising investors and engaging in municipal securities transactions
  • distributed by the SEC’s Office of Municipal Securities on registration of municipal advisors
  • Forms and instructions for registration of a new municipal securities dealer (); for withdrawing registration (); for registration of a person to conduct municipal securities broker or dealer activities (Form MSD-4); and for termination of an individual’s activities (Form MSD-5)

Other Resources

Supplemental information related to safe-and-sound banking operations.

• from the U.S. Department of Labor and procedures to request interpretations and other ERISa rulings from the under provisions established by
• The discusses requirements for institutions to have policies and procedures in place for the security and confidentiality of their customers’ information
• The provides direction on the taxation of fiduciary accounts, as well as defines various transactional activity
• outlines minimum funding standards for defined benefit pension plans
• , commonly known as Regulation 9, establishes minimum standards for fiduciary activities
• discusses the safe harbor for money managers who use the commission dollars of their advised accounts to obtain research and brokerage services
• Shareholder Communications Act of 1985, implemented primarily by , outlines certain requirements for business communications between issuers and holders of registered securities
• provides an outline of Medallion signature guarantee programs to help ensure entities that hold securities in physical certificate form have a guaranteed signature for the certificates or prior to sale or transfer
• provides SEC interpretations for general applicability of the Act
• The , also known as the National Conference of Commissioners on Uniform State Laws, drafts and promotes enactment of laws that each state may adopt or modify, providing uniformity on a subject among the various jurisdictions. Examples of commonly referred uniform acts include:
  • (UCTA)
  • (UDTA)
  • (UFADAA)
  • (UPAA)
  • (UPIA)
  • (UPAIA)
  • (UPC)
  • (UPMIFA)
  • (UTATA)
  • (UTMA)
  • (UTC)