Page:United States Statutes at Large Volume 113 Part 2.djvu/369

 PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1389 individual retirement account, pension, retirement, profit sharing, bonus, thrift savings, incentive, or other similar benefit plan. " (ID EXCEPTION FOR CARRYING BROKER ACTIVI- TIES. —The exception to being considered a broker for a bank engaged in activities described in subclause (I) shall not apply if the bank, in connection with such activities, acts in the United States as a carrying broker (as such term, and different formulations thereof, are used in section 15(c)(3) of this title and the rules and regulations thereunder) for any broker or dealer, unless such carrying broker activities are engaged in with respect to government securities (as defined in paragraph (42) of this subsection). "(ix) IDENTIFIED BANKING PRODUCTS.— The bank effects transactions in identified banking products as defined in section 206 of the Gramm-Leach-Bliley Act. "(x) MUNICIPAL SECURITIES.— The bank effects transactions in municipal securities. "(xi) DE MINIMIS EXCEPTION. —The bank effects, other than in transactions referred to in clauses (i) through (x), not more than 500 transactions in securities in any calendar year, and such transactions are not effected by an employee of the bank who is also an employee of a broker or dealer. "(C) EXECUTION BY BROKER OR DEALER.— The exception to being considered a broker for a bank engaged in activities described in clauses (ii), (iv), and (viii) of subparagraph (B) shall not apply if the activities described in such provisions result in the trade in the United States of any security that is a publicly traded security in the United States, unless— "(i) the bank directs such trade to a registered broker or dealer for execution; "(ii) the trade is a cross trade or other substantially similar trade of a security that— "(I) is made by the bank or between the bank and an affiliated fiduciary; and "(II) is not in contravention of fiduciary principles established under applicable Federal or State law; or "(iii) the trade is conducted in some other manner permitted under rules, regulations, or orders as the Commission may prescribe or issue. "(D) FIDUCIARY CAPACITY. —For purposes of subparagraph (B)(ii), the term 'fiduciary capacity' means— "(i) in the capacity as trustee, executor, administrator, registrar of stocks and bonds, transfer agent, guardian, assignee, receiver, or custodian under a uniform gift to minor act, or as an investment adviser if the bank receives a fee for its investment advice; "(ii) in any capacity in which the bank possesses investment discretion on behalf of another; or "(iii) in any other similar capacity. "(E) EXCEPTION FOR ENTITIES SUBJECT TO SECTION 15(e). —The term 'broker' does not include a bank that—

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