Fed · final-rule · Published 1996-08-30 · 61 FR 45873
Document
Document number
96-22168
Federal Register citation
61 FR 45873
CFR reference
12 CFR 225
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US Federal Reserve System
Publication date
1996-08-30
Docket
Regulation Y
Abstract
The Board is adopting a final rule amending its interpretive rule regarding investment adviser activities of bank holding companies to allow a bank holding company (and its bank and nonbank subsidiaries) to purchase, in a fiduciary capacity, securities of an investment company advised by the bank holding company if the purchase is specifically authorized by the terms of the instrument creating the fiduciary relationship, by court order, or by the law of the jurisdiction under which the trust is administered. This amendment would reflect changes that have occurred since the rule was adopted; and would conform the Board's interpretive rule to rules applied to banks by the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, and the standard in section 23B of the Federal Reserve Act for this type of activity.