Page:United States Statutes at Large Volume 113 Part 2.djvu/367

 PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1387 activities, in the securities of an issuer as part of any pension, retirement, profit-sharing, bonus, thrift, savings, incentive, or other similar benefit plan for the employees of that issuer or its affiliates (as defined in section 2 of the Bank Holding Company Act of 1956), if the bank does not solicit transactions or provide investment advice with respect to the purchase or sale of securities in connection with the plan. "(11) DIVIDEND REINVESTMENT PLANS.— The bank effects trsmsactions, as part of its transfer agency activities, in the securities of an issuer as part of that issuer's dividend reinvestment plan, if— "(aa) the bank does not solicit transactions or provide investment advice with respect to the purchase or sale of securities in connection with the plan; and "(bb) the bank does not net shareholders' buy and sell orders, other than for programs for odd-lot holders or plans registered with the Commission. "(Ill) ISSUER PLANS.— The bank effects transactions, as part of its transfer agency activities, in the securities of an issuer as part of a plein or program for the purchase or sale of that issuer's shares, if— "(aa) the bank does not solicit transactions or provide investment advice with respect to the purchase or sale of securities in connection with the plan or program; and "(bb) the bank does not net shareholders' buy and sell orders, other than for programs for odd-lot holders or plans registered with the Commission. " (IV) PERMISSIBLE DELIVERY OF MATERIALS. — The exception to being considered a broker for a bank engaged in activities described in subclauses (I), (II), and (III) will not be affected by delivery of written or electronic plan materials by a bank to employees of the issuer, shareholders of the issuer, or members of affinity groups of the issuer, so long as such materials are— "(aa) comparable in scope or nature to that permitted by the Commission as of the date of the enactment of the Gramm-Leach- Bliley Act; or "(bb) otherwise permitted by the Commission. "(v) SWEEP ACCOUNTS. —The bank effects transactions as part of a program for the investment or reinvestment of deposit funds into any no-load, openend management investment company registered under the Investment Company Act of 1940 that holds itself out as a money market fund. "(vi) AFFILIATE TRANSACTIONS. — The bank effects transactions for the account of any affiliate of the

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