A bank is exempt from the definition of the term “broker” under section 3(a)(4) of the Act (15 U.S.C. 78c(a)(4)) until the first day of its first fiscal year commencing after September 30, 2008.
source: Reg. R, 72 FR 56554, Oct. 3, 2007, unless otherwise noted.
cite as: 12 CFR 218.781