StacksVerified U.S. regulatory reference

12 CFR §150.470

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗
Your fiduciary audit committee directs the conduct of the audit. Your fiduciary audit committee may consist of a committee of your directors or an audit committee of an affiliate. There are two restrictions on who may serve on the committee:
  1. (a)Your officers and officers of an affiliate who participate significantly in administering your fiduciary activities may not serve on the audit committee.
  2. (b)A majority of the members of the audit committee may not serve on any committee to which the board of directors has delegated power to manage and control your fiduciary activities.