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SEC: Proposal to Except Certain Thrift Institutions From Investment Advisor Registration

ABA Contact: Sally Miller 202-663-5325
Published: 69 Federal Register 25778 May 7, 2004
Comments Due: July 9, 2004
Disposition: Filed

Proposed Rule 202(a)(11)-2 would except a savings association from investment adviser registration to the extent that the institution provides investment advice in its capacity as trustee, executor, administrator or guardian.  To the extent a savings association provides investment advice in any other fiduciary capacity, however, it would not be excepted from investment adviser registration.  The proposal would also except a savings association from investment adviser registration to the extent it provides advisory services to collective investment funds. Collective investment funds are pooled funds used by banks and savings associations to manage qualified and government plans that are exempt from registration under the Investment Company Act of 1940.

ABA believes that savings associations should be granted full parity and strongly encourages the SEC to revise its proposal and except fully savings association trust activities from investment advisor registration.

2004 Regulations Chart
Federal Register
Comment Letter