General Rules and Regulations
promulgated
under the
Securities Exchange Act of 1934
Rule 15a-9 -- Exemption from the Definitions of "Broker" and "Dealer" for Savings Associations and Savings Banks
Any savings association or savings bank that has deposits insured by the Federal
Deposit Insurance Corporation under the FDIA (12 U.S.C. 1811 et seq.), and is
not operated for the purpose of evading the provisions of the Act (15 U.S.C. 78a
et seq.), is exempt from the definitions of the terms "broker" and "dealer" under
Sections 3(a)(4) and 3(a)(5) of the Act,
based solely on the savings association's or savings bank's status as a broker
or dealer on the same terms and under the same conditions that banks are excepted
or exempted, provided that if a savings association or savings bank acts as a
municipal securities dealer, it shall be considered a bank municipal securities
dealer for purposes of the Act and the rules thereunder, including the rules of
the Municipal Securities Rulemaking Board.
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