Page:United States Statutes at Large Volume 103 Part 1.djvu/302

 103 STAT. 274 PUBLIC LAW 101-73—AUG. 9, 1989 the acceptance of deposits (described in such subsection) by such institution if the Corporation determines that the acceptance of such deposits— "(1) is not an unsafe or unsound practice; and "(2) either— "(A) is necessary to enable the institution to meet the demands of its depositors or pay its obligations in the ordinary course of business; or "(B) is consistent with the conservator's fiduciary duty to minimize the losses of the institution. "(e) ADDITIONAL RESTRICTIONS. — The Corporation may impose, by regulation or order, such additional restrictions on the acceptance of brokered deposits by any troubled institution as the Corporation may determine to be appropriate. " (f) DEFINITIONS RELATING TO DEPOSIT BROKER.— "(1) DEPOSIT BROKER.— The term 'deposit broker' means— "(A) any person engaged in the business of placing de- / posits, or facilitating the placement of deposits, of third parties with insured depository institutions or the business '. of placing deposits with insured depository institutions for the purpose of selling interests in those deposits to third parties; and "(B) an £Lgent or trustee who establishes a deposit account to facilitate a business arrangement with an insured deposi- T tory institution to use the proceeds of the account to fund a prearranged loan. "(2) EXCLUSIONS. —The term 'deposit broker' does not include— "(A) an insured depository institution, with respect to funds placed with that depository institution; "(B) an employee of an insured depository institution, with respect to funds placed with the employing depository institution; "(C) a trust department of an insured depository institu- tion, if the trust in question has not been established for the / primary purpose of placing funds with insured depository > institutions; ^ "(D) the trustee of a pension or other employee benefit plan, with respect to funds of the plan; "(E) a person acting as a plan administrator or an invest- ment adviser in connection with a pension plan or other employee benefit plan provided that that person is perform- ing managerial functions with respect to the plan; "(F) the trustee of a testamentary account; '^"- "(G) the trustee of an irrevocable trust (other than one described in paragraph (I)(B)), as long as the trust in ques- tion has not been established for the primary purpose of placing funds with insured depository institutions; "(H) a trustee or custodian of a pension or profitsharing plan qualified under section 401(d) or 403(a) of the Internal ^ Revenue (Dode of 1986; or "(I) an agent or nominee whose primary purpose is not the placement of funds with depository institutions. "(3) INCLUSION OF DEPOSITORY INSTITUTIONS ENGAGING IN CER- TAIN ACTIVITIES.— Notwithstanding paragraph (2), the term 'de- posit broker' includes any insured depository institution, and any employee of any insured depository institution, which en-

�