12 CFR § 150.245
When is a fiduciary not required to maintain custody or control of fiduciary assets?
November 10, 2020
If you are deemed a fiduciary based solely on your capacity as investment advisor, as that capacity is defined in §9.101(a) of this chapter, and have no other fiduciary capacity as enumerated in §150.30, you are not required to maintain custody or control of fiduciary assets as set forth in §150.220 or §150.240.
[82 FR 8109, Jan. 23, 2017]
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