StacksVerified U.S. regulatory reference

12 CFR §218.781

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗
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.